Florida Homestead Requirements – New Home Buyers
“If the gloves don’t fit, you must acquit!” These famous words were uttered by O.J. Simpson’s attorney during his criminal trial in 1995. As we’re all aware, Simpson was acquitted of the criminal charges, but subsequently found liable in civil court to the tune of almost $40 million! So what does an alleged killer do in a situation like that? He runs to Florida as quick as he can to buy the biggest and most expensive house that he can afford! I don’t blame him and neither should you. (For taking advantage of Florida’s Homestead laws of course!)
In the coming weeks, I will be discussing the benefits of having a homestead in Florida, as well as some things to think about when you eventually sell yours. The information provided is a starting point, as each individual’s situation is distinct and unique.
Florida has some of the most liberal homestead protections in the nation. Art. X, § 4, of the Florida Constitution protects real property up to ½ an acre in a municipality, and up to 160 acres of contiguous property outside a municipality. In Florida, an individual can only have one homestead. Florida homestead protection applies if: you are a Florida resident, who owns a home, and live there on a permanent basis.
The Homestead laws in Florida are cumbersome, complex and difficult to navigate. This article is intended to give you a general understanding of the basics regarding Florida’s Homestead laws. If you have a Homestead issue and would like to speak with an attorney, email my firm at GuirguisLaw@gmail.com.
THE INFORMATION PROVIDED IN THIS ARTICLE IS NOT A SUBSTITUTE FOR LEGAL ADVICE, NOR DOES IT CREATE AN ATTORNEY-CLIENT RELATIONSHIP BETWEEN THE READER AND THE AUTHOR. THE INFORMATION PROVIDED IS GENERAL IN NATURE AND NOT TAILORED FOR ANY SPECIFIC CIRCUMSTANCE.
Posted on April 4, 2012, in Legal and tagged Attorney, Florida Constitution, Homestead, Lawyer, Legal Schmegal, O.J. Simpson, SWFL Real Estate, The Guirguis Law Firm, Vernon Guirguis. Bookmark the permalink. Leave a comment.