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North Carolina Homestead Exemptions

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    North Carolina Homestead Exemptions

    After loosing my job and being out of work for a month, I just accepted a position with a company in South Carolina.
    I do not have any choice at the moment but to accept this offer and relocate. I spoke with my attorney to discuss my
    situation and about putting my house up for sale. I was pleasantly surprised to know about this Homestead Exemption
    and that my spouse and I could keep up to $70,000 from the sale of my home (in N.C.). What I thought was bad situation looks
    much better now.
    I would just like to understand what this Homestead Exemption means?
    I mean, is it that simple that if I make 50K off the sale of my home, that is mine to keep? Do I have to spend it on anything in particular? Like the down payment on a new home? Or could it go towards buying a new car?
    Now granted I am not buying a new car but I am trying to figure out if there are any restrictions on this money that I would make from the sale of my home?
    I would like to hear from anyone of this subject. I posted a similar posting the other day and so far no one has responded.
    Thanks for your time and advice/opinion.

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