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Home » Homestead Exemption » Is a Homestead Under Construction Protected From Creditors?

Is a Homestead Under Construction Protected From Creditors?

ByJon Alper April 19, 2004May 22, 2020

Planning to build a home? Many people have asked me whether or not money used to buy a lot where they intend to build a residence is protected. Or, is money paid in advance to a contractor to build a homestead protected under Florida’s homestead provisions exempting homestead property from creditors. The short answer is “no.

Your investment is a homestead property is protected only after you actually move into the property as your primary residence, and after the property has been issued a certificate of occupancy. Money spent to purchase a lot where you intend to build and live is “investment property” and not “homestead” until it actually is used and occupied as homestead. Until occupancy, the land or money spent to design and build a house is unprotected from your creditors.

Last updated on May 22, 2020

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Jon Alper

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    • Offshore Planning
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      • Offshore Bank Accounts
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      • Offshore Trusts
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      • Judgment Collection
      • Bitcoin and Cryptocurrency
      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
    • Wills and Trusts
      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
    • Bankruptcy
      • Attorney Fees
      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
      • Moral Issues
      • Orlando Bankruptcy
      • Student Loans
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      • Lady Bird Deed
      • Land Trusts
      • Quit Claim Deed
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