Definition of "Homestead"

Kaye Karpovich real estate agent
Kaye Karpovich, Real Estate Agent Century 21 North East

Legal status conferred by certain states on a homeowner's principal residence. In certain states, homestead status may provide protection against creditor claims or forced land sales providing the homeowner continues to maintain his or her residence there. Homestead status may also qualify the homeowner for a homestead exemption.

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