Florida Regulations 12D-7.008: Homestead Exemptions – Legal or Equitable Title
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(1) The Constitution requires that the homestead claimant have the legal title or beneficial title in equity to the real property claimed as his tax-exempt homestead. Florida Statutes § 196.031(1), requires that the deed or other instrument to homestead property be recorded in order to qualify for homestead exemption.
(2) Vendees in possession of real estate under bona fide contracts to purchase shall be deemed to have equitable title to real estate.
(3) A recitation in a contract for the purchase and sale of real property, that the equitable title shall not pass until the full purchase price is paid, does not bar the purchaser thereof from claiming homestead exemption upon the same if he otherwise qualifies.
(4) Assignment of a contract for deed to secure a loan will not defeat a claim for homestead exemption by the vendee in possession.
(5) A forfeiture clause in a contract for deed for non-payment of installments will not prevent the vendee from claiming homestead exemption.
(6) A vendee under a contract to purchase, in order to be entitled to homestead exemption, must show that he is vested with the beneficial title in the real property by reason of said contract and that his possession is under and pursuant to such contract.
(7) A grantor may not convey property to a grantee and still claim homestead exemption even though there is a mutual agreement between the two that the deed is not to be recorded until some date in the future. The appraiser is justified in presuming that the delivery took place on the date of conveyance until such evidence is presented showing otherwise sufficient to overcome such presumption. The appraiser may back assess the property upon discovery that the exemption was granted erroneously.
(8) A person who owns a leasehold interest in either a residential or a condominium parcel pursuant to a bona fide lease having an original term of 98 years or more, shall be deemed to have legal or beneficial and equitable title to that property for the purpose of homestead exemption and no other purpose.
Rulemaking Authority Florida Statutes § 195.027(1), 213.06(1) FS. Law Implemented 196.001, 196.031, 196.041 FS. History-New 10-12-76, Formerly 12D-7.08, Amended 12-27-94.
Terms Used In Florida Regulations 12D-7.008
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Grantor: The person who establishes a trust and places property into it.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(3) A recitation in a contract for the purchase and sale of real property, that the equitable title shall not pass until the full purchase price is paid, does not bar the purchaser thereof from claiming homestead exemption upon the same if he otherwise qualifies.
(4) Assignment of a contract for deed to secure a loan will not defeat a claim for homestead exemption by the vendee in possession.
(5) A forfeiture clause in a contract for deed for non-payment of installments will not prevent the vendee from claiming homestead exemption.
(6) A vendee under a contract to purchase, in order to be entitled to homestead exemption, must show that he is vested with the beneficial title in the real property by reason of said contract and that his possession is under and pursuant to such contract.
(7) A grantor may not convey property to a grantee and still claim homestead exemption even though there is a mutual agreement between the two that the deed is not to be recorded until some date in the future. The appraiser is justified in presuming that the delivery took place on the date of conveyance until such evidence is presented showing otherwise sufficient to overcome such presumption. The appraiser may back assess the property upon discovery that the exemption was granted erroneously.
(8) A person who owns a leasehold interest in either a residential or a condominium parcel pursuant to a bona fide lease having an original term of 98 years or more, shall be deemed to have legal or beneficial and equitable title to that property for the purpose of homestead exemption and no other purpose.
Rulemaking Authority Florida Statutes § 195.027(1), 213.06(1) FS. Law Implemented 196.001, 196.031, 196.041 FS. History-New 10-12-76, Formerly 12D-7.08, Amended 12-27-94.