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
Business that transforms an underdeveloped tract of land into plots ready for construction. ...
Document submitted to a governmental agency to extend the time period for a previously approved document. ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
Association of people not treated as a corporation. Examples are a limited partnership and a group of cooperative owners. ...
Right of a party, the assignor, to allocate the benefits of certain insurance policies to a third party, the assignee. Insurance on real estate may assign the policy to protect the property ...
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
Clay-baked, glazed piping that is not damage by water. It is often used in underground drainage. ...
Lender's written assurance that the borrower has fully paid the obligation. The borrower may then show this instrument to interested parties. ...
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