A homestead is a dwelling (including its land and buildings) occupied by an owner as a home and which is exempted by law from seizure or sale for debt. For example, if you (the debtor) are sued for money in court and lose, the person (or creditor) who sued you will receive a judgment from the court. If you do not pay the judgment, the creditor may seek satisfaction of the judgment in various ways, one of which is having your home sold. The homestead law protects a certain amount of the equity in your home from being taken to pay the judgment.

In Arizona, homestead exemptions are limited to $150,000 in value which means up to $150,000 of equity in your home will be absolutely protected from attachment, execution or forced sale. A single person may only claim one homestead exemption and must reside in the dwelling for which the exemption is claimed. Arizona law also specifies situations in which the homestead exemption does not apply.

Among others, this form contains the following provisions:

• Parties: Identifies the party involved in the homestead declaration
• Property Location: Defines the exact location of the property so that it may be identified
• Declaration: States that the property is the individual’s homestead
• Signatures: Binds the party with his/her signature

This attorney-prepared packet contains:

1. General Instructions and Checklist
2. General Information
3. Step-by-Step Instructions
4. Declaration and Claim of Homestead for a Single Person Living in Arizona

Law Compliance: This form complies with the laws of Arizona