Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

An arm’s-length transaction is a business deal, or transaction where the seller and buyer act independently of each other without influence on the other party. What sets these types ...

Expenditures incurred building a structure, including material and labor. ...

That’s the name of the study a Real Estate Broker presents to home sellers when trying to turn them into clients. In it, by making a comparison with the available houses in the market ...

Low level of land positioned between mountains or hills. ...

Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this ...

Property held by an individual, such as furniture. ...

To acquit, exonerate, absolve, or discredit allegations. ...

Brick wall where a space or cavity is left between the inner and outer walls and is usually filled with insulation. ...

Title granted to those having expertise in valuing homes by the American Institute of Real Estate Appraisers. ...

Popular Real Estate Questions