Community Property
Property owned and held jointly and equally shared by each spouse. It is purchased during their marriage, regardless of the wage-earning situation of either spouse. A spouse may not make a gift of or dispose of community property without valuable consideration and written consent of the other spouse. Also, necessaries such as furniture etc, may not be disposed of without written consent of the other spouse. On a co-owners death, one half belongs to the survivor as separate party. One half goes by will to the descendant devises or by succession to the survivor. Property owned before marriage, and property acquired after marriage by gift, inheritance, or by purchase with separate funds can be exempted from the couples community property. Such property is called separate property and can be conveyed or mortgaged without the signature of the owners spouse.
Popular Real Estate Terms
Analysis of the risks and rewards to an individual in making a particular property investment. Investment analysis considers the cost of the original investment, the investment return over ...
A court order on an issue directly related to the immediate action. ...
Something that is inferred, but not explicitly stated. The inference may be deducted from the relevant information. ...
Gift of real property as stipulated in a will. ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
Same as term access right: The right of a property owner to freely go to and return from an adjoining highway without interference." rollover;"Same as term: Tax-free exchange that allows ...
Raising money by mortgages and borrowing the money directly from financial institutions. The presence of debt financing provides financial leverage, which tends to magnify the effects of ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. An example is a bond interest coupon. The interest is ...
Formal or legal description of property and its dimensions included in deeds, leases, listing agreements, rental agreements, and sales contracts. ...
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