homestead

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Related to homesteads: Homesteads Act

Homestead

The dwelling house and its adjoining land where a family resides. Technically, and pursuant to the modern homestead exemption laws, an artificial estate in land, created to protect the possession and enjoyment of the owner against the claims of creditors by preventing the sale of the property for payment of the owner's debts so long as the land is occupied as a home.

Laws exempting the homestead from liability for debts of the owner are strictly of U.S. origin. Under the English Common Law, a homestead right, a personal right to the peaceful, beneficial, and uninterrupted use of the home property free from the claims of creditors, did not exist. Homestead rights exist only through the constitutional and statutory provisions that create them. Nearly every state has enacted such provisions. The earliest ones were enacted in 1839 in the Republic of Texas.

Homestead exemption statutes have been passed to achieve the public policy objective of providing lodgings where the family can peacefully reside irrespective of financial adversities. These laws are predicated on the theory that preservation of the homestead is of greater significance than the payment of debts.

Property tax exemptions, for all or part of the tax, are also available in some states for homesteaded property. Statutory requirements prescribe what must be done to establish a homestead.

A probate homestead is one that the court sets apart out of the estate property for the use of a surviving spouse and the minor children or out of the real estate belonging to the deceased.

A homestead corporation is an enterprise organized for the purpose of acquiring lands in large tracts; paying off encumbrances, charges attached to and binding real property; improving and subdividing tracts into homestead lots or parcels; and distributing them among the shareholders and for the accumulation of a fund for such purposes.

homestead

1) n. the house and lot of a homeowner which the head of the household (usually either spouse) can declare in writing to be the principal dwelling of the family, record that declaration of homestead with the County Recorder or Recorder of Deeds and thereby exempt part of its value (based on state statutes) from judgment creditors. A similar exemption is available in bankruptcy without filing a declaration of homestead. 2) v. jargon for filing a declaration of homestead, as in "he homesteaded the property."

homestead

noun abode, acreage, acres, country house, domicile, dwelling, dwelling place, edifice, estate, farm, farm land, farmplace, farmstead, grounds, habitation, home, house, household, living quarters, lodging, lodging place, manor, messuage, place of residence, place of settlement, quarters, residence
Associated concepts: homestead laws
See also: abode, building, domicile, dwelling, habitation, home, house, household, land, property, structure

homestead

(US) a house and adjoining land designated by the owner as his fixed residence and exempt under the homestead laws from seizure and forced sale for debts.

HOMESTEAD. The place of the house or home place. Homestead farm does not necessarily include all the parcels of land owned by the grantor, though lying and occupied together. This depends upon the intention of the parties when the term is mentioned in a deed, and is to be gathered from the context. 7 N. H. Rep. 241; 15 John. R. 471. See Manor; Mansion.

References in classic literature ?
After the reputed wizard's death, his humble homestead had fallen an easy spoil into Colonel Pyncheon's grasp.
Being of an eccentric and melancholy turn of mind, and greatly given to rummaging old records and hearkening to old traditions, he had brought himself, it is averred, to the conclusion that Matthew Maule, the wizard, had been foully wronged out of his homestead, if not out of his life.
Prince Andrew spoke with some animation and interest only of the new homestead he was constructing and its buildings, but even here, while on the scaffolding, in the midst of a talk explaining the future arrangements of the house, he interrupted himself:
It is true that an observer, under that softening influence of the fine arts which makes other people's hardships picturesque, might have been delighted with this homestead called Freeman's End: the old house had dormer-windows in the dark red roof, two of the chimneys were choked with ivy, the large porch was blocked up with bundles of sticks, and half the windows were closed with gray worm-eaten shutters about which the jasmine-boughs grew in wild luxuriance; the mouldering garden wall with hollyhocks peeping over it was a perfect study of highly mingled subdued color, and there was an aged goat (kept doubtless on interesting superstitious grounds) lying against the open back-kitchen door.
There had been no snow, and the long fields, sloping down from the homestead, were brown and mellow.
So she came to many-fountained Ida, the mother of wild creatures and went straight to the homestead across the mountains.
75-88) (25) But she herself came to the neat-built shelters, and him she found left quite alone in the homestead -- the hero Anchises who was comely as the gods.
Nancy had never "worked out" before; but a sick mother suddenly widowed and left with three younger children besides Nancy herself, had forced the girl into doing something toward their support, and she had been so pleased when she found a place in the kitchen of the great house on the hill--Nancy had come from "The Corners," six miles away, and she knew Miss Polly Harrington only as the mistress of the old Harrington homestead, and one of the wealthiest residents of the town.
Tulliver was convinced, and who would be glad not only to purchase the whole estate, including the mill and homestead, but would accept Mr.
The SOHA benefit varies by the differences in the values of the old and new homesteads as of January 1 in the year the old homestead was abandoned.
In Kansas they built all-black towns, developed homesteads, and acquired land.
Members have already built over 4 million Homesteads, with an average of more than 20,000 new sites built every day.