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

The definition of accommodation covers different meanings of the word, but they all express providing space, room, either physical or metaphorical. In other words, accommodation can be ...

Provision in a loan agreement where a debtor authorizes a judgment against him in the event of a default. These agreements are widely restricted, but when they are lawful, the creditor is ...

If buyers are considering a home with an assumable mortgage at a fair interest rate or if the sellers have already paid their mortgage, remember to consider seller financing. With seller ...

Clause in a mortgage that allows the borrower to pay more than the monthly amount and to retire the loan early without a penalty. ...

Governmental body having the responsibility for planning the future development of a jurisdictional area. A planning commission is responsible for developing and managing a zoning ordinance ...

A fund constituted in certain states to compensate aggrieved individuals who incurred losses in a real estate transaction associated with a licensed real estate broker or agent. Normally, ...

Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...

What Is a Real Estate Bubble? One definition for a real estate bubble is the fast increase in prices, usually driven by investors and speculators in major urban areas. Properties are ...

In general terms, the upside potential signifies the potential of a present investment, be it an asset or property, to bring a profit for the investor in the future. This measure enables ...

Popular Real Estate Questions