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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 36391
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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My dad purshased a home which is his primary residence and I

Customer Question

My dad purshased a home which is his primary residence and I consigned on the loan .
Can he claimed homestead exemption even though I'm a consigner and I own my house ?
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  LawTalk replied 5 months ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Whose name/s are on the deed to your father's property?

Doug

Customer: replied 5 months ago.
Me AND my dad
Expert:  LawTalk replied 5 months ago.

Good afternoon,

Thanks for the additional information.

Well, if you and he are both on the deed to the property then you did a bit more than just co-sign, but I won't argue semantics.

Yes, your father can homestead the property but only if you do not try to claim it as your homestead in the same year. Additionally, the exemption will be reduced to half of the full exemption because he only owns half of the property.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Customer: replied 5 months ago.
I already have a property which is my homestead . That's why I wasn't sure bc I already have my homestead
Expert:  LawTalk replied 5 months ago.

Hi,

Not a problem. Again, your father can homestead the property so long as you don't try to homestead the same property, and his exemption is 50% based on the fraction of the property that he owns.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

Please remember to rate my service to you so that I can be compensated for helping you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Expert:  LawTalk replied 5 months ago.

It is possible that your questions and issues might be better served by an in-depth conversation with me. If you are interested, for a very nominal charge I can offer you a private phone conference.

Please know that I answered your question in good faith, providing you with the information that you asked for, and I did that with the expectation that you would act likewise and rate my service to you. If I have already provided you with the information you asked for and you have no additional questions, would you please now rate my service to you so I can be compensated for assisting you? Rating me costs you nothing as you have already paid the deposit for my help. All rating does is ensure that I am paid for my time in working with you.

Thanks in advance for your rating of my service, It is greatly appreciated,

Doug

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