Can I homestead2 homes if1 is for sale?
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Can I homestead2 homes if1 is for sale?
Asked on September 24, 2011 under Real Estate Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
No, you cannot homestead two homes as an individual if one is for sale. The "homestead exemption" is a statutory schem utilized by all states in this country to protect homeowners from creditors by exempting up to a certain amount in equity of their primary residence from a levy and sale.
The scheme arose as an attempt to keep homeowners from being displaced. The exemption applies only to one's primary residence. An individual can only have one (1) primary residence.
In your situation, if the home for sale is homesteaded, you might want to wait until it is sold before you transfer the exemption to your other parcel. Or, you can transfer it now.
Good question.
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