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
Person receiving la legacy from a will. Normally a legatee will receive personal property possibly including real property. ...
See clapboard. ...
Fee paid only if other criteria are met. ...
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See estoppel. ...
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The first thing we have to understand about the voidable contract definition is that it is not the same thing as a void contract. A voidable contract can become a void contract if a court ...
Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
Also called an installment sales contract or contract foe feed. A type of creative financing in real estate allowing the seller to finance a buyer by allowing him or her to make a down ...
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