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.
Popular Real Estate Terms
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Justifiable and fair amount for a real estate transaction based on the conditions and limitations involved in the exchange. ...
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Decline in the credit status of a prospective homebuyer. ...
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