Fla. Admin. Code Ann. R. 12D-7.008 - Homestead Exemptions - Legal or Equitable Title

(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. Section 196.031(1), F.S., 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.

Notes

Fla. Admin. Code Ann. R. 12D-7.008

Rulemaking Authority 195.027(1), 213.06(1) FS. Law Implemented 196.001, 196.031, 196.041 FS.

New 10-12-76, Formerly 12D-7.08, Amended 12-27-94.

New 10-12-76, Formerly 12D-7.08, Amended 12-27-94.