Do you know what a Homestead is? This is another Title Insurance Question you might want to be familiar with and inquire about when you are purchasing a home.
As most of you know I have written a few blog posts about Title Insurance. I find it is very important to be familiar with Title issues; it can make a great deal of difference whether it will be an easier Escrow Period or a harder one. The more knowledgeable you are the easier it will be.
The Homestead Act is very complex in nature and if it is not properly prepared may be invalid. Therefore I suggest that you consult an attorney for your specific situation or at least a Title Officer before you take title on a property.
Generally most people want to know how the Homestead Exemption works. In simple terms it may protect your equity from creditors. In other words in f you own or are about to buy a condominium, a house, a duplex or a mobile home this could be beneficial to you. Every home owner who resides in his or her home is entitled to this protection until the house is sold or the homestead is abandoned.
There generally is a limit to the amount of equity that is protected. Hence, depending on your situation you could be protecting anywhere from $50,000 to $100,000 of your equity. So talk to your Title Officer or his or her representative before you close on your purchase.
For your convenience I have enclosed some of my previous post about Title questions and issues.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.