Perhaps one of the biggest step that most of us take is purchasing a home. This will involve signing a mortgage instrument which is an agreement between the buyer of a home and a lender who finances the home. The two parties are called a mortgagor and a mortgagee, the buyer being the mortgagor. A mortgage instrument is signed by the two parties as an agreement to lend and a promise to pay. It is in effect, a promissory note. Mortgage documents are then filed with the registrar of deeds and a lien is placed on the property, ensuring if it is sold that the lender will receive their funds.
Florida also allows a homeowner to place a homestead exemption on their property. A homestead exemption helps homeowners protect the equity they have built in their home in the event a creditor (not the mortgagee) tries to force the sale of the home in order to collect on unpaid debts. While a homestead exemption will not protect against all claimants, there are several creditors who are unable to force a sale of your home. If the homeowner is married, their spouse is also legally allowed to file a homestead exemption.
Sources:
http://dor.myflorida.com/dor/property/taxpayers/exemptions.html http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0100-0199/0196/0196ContentsIndex.html&StatuteYear=2012&Title=-%3E2012-%3EChapter%20196
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