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

fee for the cost of a loan including interest and points. Points (1 point= 1% of the total loan) are advance charges for a mortgage, whereas interest in charge over the life of the ...

A sash window having two vertically moving sashes respectively offset by sash weights. Each sash closes a different part of the window. ...

An increase in land occurring from the withdrawal of a body of water. Normally, when reliction occurs, the increase in land area belongs to the individual having water rights in the area. ...

Everyone is aware of the perplexing complexities of a real estate transaction. Enter Opendoor, a company that aims to simplify this experience. If you're a house hunter, seller, real estate ...

Highly subjective term, usually an expression of monetary worth applied to a particular piece of real estate property. ...

Place where real estate is situated. The geographic location of property affects its value. For example, real estate in a good neighborhood is worth more. ...

Removal of a tenant from a portion of a rented or leased premise. ...

Housing projects specifically designed to meet the community needs of the increasing number of individuals who are largely retired, having no small children. Adult communities are found ...

In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the ...

Popular Real Estate Questions