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
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense ...
Financial interest a developer has in a development. The interest may be a direct investment or a percentage interest in the overall profit. ...
Roof having four triangular sides forming a point at the top of a pyramid. A pyramid roof is primarily used for steeples on top of churches or certain public buildings. ...
Expected market value of property if sold today. ...
Limited partnership in which limited partners rely on the general partner to choose specific properties after the funds are available. ...
A map that shows land elevations. ...
Schedule which is part of Form 1040 showing income or loss from real estate transactions including net rental income (rental revenue less rental expenses). ...
Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.Why?Well, fractional ownership means ...
The amount of money a developer must directly invest in order to obtain a development loan. It pays for the initial development cost including costs for items such as architectural plans, ...
Have a question or comment?
We're here to help.