Homestead

Definition of "Homestead"

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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Mini Tail

Automatically extended reporting period of 60 days, during which claims may be made after a claims m ...

Rate Cards

Record prepared by the rating bureau describing the particulars of an insured property and the appli ...

Estimated Premium

Method of premium payment under which a temporary premium is charged based on projected loss experie ...

Reciprocity

Relationship between individuals or entities whereby rights given to one are returned in kind to th ...

Bill Of Sale

Formal document for the transfer of title to personal property and chattels. It states that the prop ...

Perimeter Heating

Warm air heating system where ducts are located in the concrete slab of a building constructed witho ...

Related Real Estate FAQ

What Should I Do If I'm In An Accident?

1.- Stay Calm. Determine the injuries and or damage. 2.- Call the police. File an accident report ...

What Is A Good Faith Estimate?

A Good Faith Estimate is when a lender must give a prospective homebuyer a written estimate of closi ...

What Is A Down Payment?

A down payment is the money you pay up front for the purchase of a home. ...

Do I Need Earthquake Insurance?

If you live in an Earthquake zone. Yes! Typically most homeowners insurance insurance coverage would ...

What Is Loan Amortization?

This calculator will amortize your mortgage over the loan period based on your input. To see a break ...

What Is A Multiple Listing Service (MLS)?

A multiple listing service is a computerized listing of the homes for sale in an area listed with a ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Should you Buy a Home with Cash? 7 Tips for a First Time Homebuyer Why Right Now is a Good Time for Millennials to Buy a Home 5 signs of house foundation problems Top Five Reasons Your Home Offer was Rejected

FAQ

What is a deed? What is a mortgage broker? What is commission? What do I need to know about Renters Insurance, and what does it cover? What is an amortization?