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
Money set aside for a possible loss, such as from a fire. ...
making land more beautiful to look at by adding improvements such as lawns, trees, and bushes. Increases the value of the property. ...
Used to indicate what is included in a monthly payment on rental property. If the payment includes only principal and interest, property taxes, and hazard insurance would make the total ...
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Conveyed by an executor. If the testator to a will does not expressly give the executor authority to convey the property, the probate court must authorize it. ...
The apportioning, disbursing, dividing, offering, or parceling out of property among individuals. (1) Probate: Court order to divide up and distribute the contents of an estate after the ...
Costs incurred in connection with real property that increase its cost basis or worth, such as a new roof, an additional room, or paneling a room. ...
The American Real Estate and Urban Economics Association (AREUEA) is a non-profit association founded in 1964, during the Allied Social Science Association located in Chicago. Important to ...
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