Which of the following is NOT a requirement for a valid Declaration of Homestead?

A valid Declaration of Homestead serves as a means for property owners to protect a portion of their home from creditors and to establish certain property rights. In order for such a declaration to be valid, it must meet specific requirements.

Cost basis, which refers to the original value of the property plus any improvements, is not a requirement for a Declaration of Homestead. Instead, the essential criteria include property ownership, which confirms that the declarant has legal rights to the property; intent to occupy, which establishes the intention of the owner to use the property as their primary residence; and filing with local authorities, which ensures that the declaration is officially recorded and recognized under local legislation.

Thus, while cost basis might have relevance in various real estate contexts, it does not play a role in the validity of a Declaration of Homestead.