Question: I purchased a home a couple of years ago and I want to register a Home Stead declaration, as I spoke to the Escrow company they mentioned that I did not have to do the declaration any more, that I was covered under the home stead decl. automaticaly, is that true?
Answer: If a person is 18 years or older and resides in Arizona, there is an automatic $150,000 homestead exemption for a house, condominium, cooperative or mobile home that the person lives in. No homestead declaration must be filed or recorded to qualify for the exemption; however, if a person owns more than one property that qualifies for the exemption, a creditor can require the person to select one of the properties for the homestead exemption by either recording a declaration of homestead for a specific property or sending the creditor a certified letter (return receipt requested) specifying the selected property.The filing or letter must be done within 30 days of notice from the creditor. See Arizona revised Statute Sections 33-1101 through 1105.
April 09, 2008