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
Neighborhood square somewhat resembling a park. It is often owned by town or row house owners situated near the square. ...
To clip or prune shrubbery,etc. ...
Section of the Internal Revenue Code relating to depreciation. Capital improvements made to real property are depreciable. ...
Geographic location by itself with designated boundaries. An example is a district. ...
If you live anywhere else besides Houston, TX, in the US, you probably heard of zoning ordinances. The reason for that is the city of Houston Texas is the only city that doesn’t use ...
(1) A persons permanent and legal place of residence. While an individual may have one or more residences, it is only possible to have one permanent address. (2) The state where one has ...
Structure built into the water from the land providing a facility for boats to tie up. A dock will often provide utility access ...
Thin wood that is shaped in a wedge and laid together in rows. An example is a roof on a house. ...
Investment made rationally and intelligently as would be expected by a professional person. A reasonable degree of safety and return are expected. A example is an office building with 99% ...
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