A homestead is a “dwelling house and the adjoining land where the head of the family dwells. Technically, and under the modern homesteads laws, an artificial estate in land, devised to protect the possession and enjoyment of the owner against the claims of his creditors, by withdrawing the property from execution and forced sale, so long as the land is occupied as a home.” Black’s Law Dictionary
The law of Arizona allows the householder to designate a house and land as the homestead, an exempting the same from execution for their general debts. Arizona law does not require that a form declaration be recorded. But the author suggests that such a Homestead Declaration should be used when the property owner holds title to more than one residential property. Record the Homestead declaration in the County Recorder’s Office, where the real property is located.
As of 2013 there is a $150,000 statutory limit for a homestead on Arizona residential property. The homestead does not protect the homeowner from legal action brought by an creditors that have secured liens or security interests in the real property.
When Recorded Return To:
(SPACE ABOVE FOR RECORDER’S — USE)
DECLARATION AND CLAIM OF HOMESTEAD
Effective Date: County and State where Real Property is located:
___________________________________________________________ CLAIMANT (Name, Address, Zip) SPO– USE OF CLAIMANT (Name, address, Zip)
HOMESTEAD REAL PROPERTY (Address or Location)
HOMESTEAD REAL PROPERTY (Legal Description)
1. I am over the age of 18 and at the time of making this Declaration actually am a resident of the State of Arizona.
2. I select and designate this Real Property or Mobile Home to be my Homestead, together with the improvements thereon and the appurtenances thereto, as exempt from attachment, execution or forced sale up the amount of $150,000.00. I have designated this as my one and only Homestead and its fair market value (minus liens and encumbrances) is $__________.
3. My Real Property Homestead is in one compact body, upon which exists a dwelling house in which I reside. Should I have designated a Mobile Home, my Homestead is a Mobile Home in which I reside or a Mobile Home in which I reside and the land upon which it is located. A.R.S Section 33-1101 to 33-1105.
4. If I am married and the property claimed is held as community or joint property, then my spouse joins with me in making this claim.
[ ] The value of my Real Property Homestead (dwelling house and/or land), over and above encumbrances against it, does not exceed $150,000.00.
[ ] The value of my Mobile Home, over and above encumbrances, does not exceed $150,000.00.
[ ] The value of my Mobile Home plus the value of the land upon which it is located, over and above encumbrances against them do not exceed $150,000.00.
[ ] The value of my equity interest in one apartment of a horizontal property space does not exceed $150,000.00.
[ ] The value of my Real Property Homestead, Mobile Home, Mobile Home plus land, or apartment over and above encumbrances against the, exceeds $150,000.00, in which case I claim the maximum exemption allowable by law.
Signature of Claimant Signature of Claimant’s Spouse
STATE OF ARIZONA )
County of Maricopa )
The foregoing Homestead Declaration was acknowledged before me this _____ day of _______________, 200__, by ________________________.
(Seal and Expiration Date) ______________________________