Homestead Benefits Under Condominium Termination Statute – Asset Protection

Can a condominium qualify as Florida homestead in an action to terminate a condominium association even if you don’t live there?

Under a Florida condominium statute, section 718.117, an owner who resides in a condo unit as his homestead has rights to increased compensation.

Florida homestead law does not require that an owner resides in the homestead property if a dependant member of the owner’s family, such as a spouse or child, permanently resides in the property. Under those circumstances, the owner is not required to reside in Florida.

However, under the condominium statute, an owner must have claimed the homestead tax exemption prior to the recording of the plan of termination to receive the benefits afforded to homestead owners.

Qualifying a homestead for asset protection without the tax application is not sufficient to warrant homestead benefits.

This is another example where the homestead law depends upon the purpose for which homestead is asserted and upon the relevant statutory or constitutional basis for homestead benefits.

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I have been recognized as a legal expert by media outlets such as the New York Times and the Wall Street Journal. I have helped thousands of clients protect their assets from creditors.