Declaration; Claim of Homestead - Arizona: This form allows for an exemption from the homestead being sold at foreclosure, up to a certain amount in value as provided in the Arizona statutes. This form is signed in front of a Notary Public. It is available for download in both Word and Rich Text formats.
Tucson Arizona Declaration and Claim of Homestead
Category:
State:
Arizona
City:
Tucson
Control #:
AZ-REAL-1
Format:
Word;
Rich Text
Instant download
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How to fill out Arizona Declaration And Claim Of Homestead?
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FAQ
Any person, married or single, age 18 and older residing in the state of Arizona is entitled to own a domicile and hold a homestead. Further, homestead protection applies to dwelling houses, condominiums, mobile homes, and the land upon which that mobile home is located if the person resides in any of these places.
It does protect equity in the home from judgment creditors. The new law in Arizona will significantly change the current law. At present (until January 1, 2022), the Arizona homestead exemption is $150,000.
The Senior Property Valuation Protection Option (Senior Freeze) is available to residential homeowners, 65 years of age or older, who meet specific guidelines based on income, ownership, and residency (Arizona Constitution, Article 9, Section 18.)
It does protect equity in the home from judgment creditors. The new law in Arizona will significantly change the current law. At present (until January 1, 2022), the Arizona homestead exemption is $150,000.
Arizona has a law which allows a homeowner to protect $150,000 in equity from general creditors. It does not apply to mortgage companies or any creditor who has been given a consensual lien from the homeowner. It is called a ?homestead exemption?. It applies to all people who have an ?interest? in property in Arizona.
The homestead exemption, not exceeding the value provided for in subsection A of this section, automatically attaches to the person's interest in identifiable cash proceeds from the voluntary or involuntary sale of the property.
While the State of Arizona does not require a homeowner to file a Homestead Declaration Form to homestead the property, most real estate attorneys suggest the formal filing for legal purposes, especially in cases where the homeowner owns more than one piece of real estate property.
Arizona's current homestead protection law affords homeowners the right to shield $150,000.00 of equity from creditors. Now, the Arizona legislature has elected to increase the homestead exemption from $150,000.00 to $250,000.00 effective January 1, 2022.