Webinar: New Laws Surrounding Homestead

About this Event

Big changes are coming to Arizona homestead laws. Under current Arizona law, in most situations, up to $150,000 of equity in your residence is automatically protected from creditors. In other words, you are entitled to keep $150,000 in sales proceeds from the sale of a homestead property, even if you have creditors that are trying to collect from you. The homestead exemption applies to a person’s residence where they reside and is automatic – you do not need to file a homestead declaration to claim the exemption.

Beginning January 1, 2022, judgment creditors will have lien rights and will be entitled to notice about your estate transaction and an opportunity to provide input on the sale. In short, under the new law, once someone sells homestead property, recorded judgments automatically create valid and enforceable judgment liens against the property. No additional enforcement steps are necessary for a judgment creditor to collect from the sale of the homestead property. Existing creditors who recorded a judgment will get paid, whereas, currently, they are not automatically paid. Because of the new law, some real estate transactions will be slowed; court actions may need to be filed to remove liens; and homeowners may not receive the proceeds they expected to receive.

Presentation Information

This class will be conducted via Zoom video conferencing. Zoom information to join the class will be shared in a reminder email the day before and the day of class.

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