Condo on Long Term Lease and Homestead protections??

07/28/2012 11:07 AM | Anonymous
In the recent case of Geraci v. Sunstar, the 2nd DCA held held – properly we believe – that a condominium unit built on a 99 year land lease qualified for homestead protection from creditors.   The court further suggested that what constitutes homestead differs depending on whether the question is protection from creditors or restraint on devise. 

Suggestion has been that the court erred on both of these points – and that a condominium unit built on leased land does NOT qualify for homestead protection.   As you would expect, this was a controversial argument and one with which many real estate practitioners disagreed.   On the other hand, there seems to be a broader consensus that the definition of homestead is the same whether the question is protection from creditors or a restraint on devise. 

The Florida Supreme Court has been asked to accept jurisdiction of this case, so expect to hear more. 

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