Does the exemption have to be filed or recorded somewhere in order to claim it?
No – it arises by operation of law.
What are the types of property in which you can claim an exemption?
It can be a single-family dwelling, a condominium, a mobile home, and even the real property on which the mobile home is situated.
What are the requirements for claiming the exemption?
Essentially there are two: You have to own it and reside in it.
What if your LLC owns it?
That’s a problem; you have to own it directly. The only exception is for certain trusts that are created for estate planning purposes. The general rule is you need to own it directly.
Do you have to have owned or lived in the homestead for a certain period of time before you can claim it?
Not according to the statute. As soon as you purchase it and begin living in it, you can claim the exemption.
What if you sell your homestead?
In that case, you can claim the exemption and identifiable cash proceeds for up to 18 months. That gives you a window of time within which to reinvest the proceeds in another homestead. If you do not do so, you lose the exemption in the identifiable proceeds.