Texas Non-Homestead Affidavit
I am purchasing a lakefront property (lot only, no structures on the land today) in Texas and getting close to closing on it. One of the documents from the lender (Wachovia) is a “Texas Non-Homestead Affidavit and Designation of homestead”
In it it states that the borrower(s)… neither of them reside upon, uses in any manner, claims as either a business or residence homestead and has no present intention of ever in the future residing upon, using or claiming as either a business or residence homestead and does hereby renounce and disclaim any homestead right or exemption on the following described property…
What?>? I own a house today that is designated as a homestead but I plan to eventually (within 5 years) build on this new lot and make it my permanent residence. Does this document mean I cannot in the future claim this as a homestead – and thus, I am assuming, shield it from sale in the event of bankruptcy?
Thanks
Tom
Thank you.
After discussing it with my attorney and escalating the issue up through the lendors organization it was determined that the document was included in the closing package by mistake and was removed.
Count the days from the "actual" due date as stated in your lease.[ Edited by fmmp on Date 01/13/2006 ]
By the way I am moving this to the Legal forum from the Art of the Deal. Art of the Deal is supposed to be about negotiations, etc. not legal questions.