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
See buy-back. ...
An estate constrained from some heirs and dedicated to others on the basis of a certain condition. ...
Term used in the real estate industry describing the price requested by a property owner vs. the price a buyer is willing to pay. Bid is the highest price a purchaser is willing to pay ...
Timber in an original form, such as a pole. ...
Person or business that provides an option to someone else. ...
See building permit. ...
Payment made instead of taxes, For example, a tax-exempt institution, such as a state government complex of buildings, may make an offsetting in lieu of tax contributory payment to the ...
Architectural style featuring a long low roof line with a continuous row of windows and a plain exterior. It is very open design with long horizontal lines rather than having small secluded ...
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 ...
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