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
Range reconnaissance, or surveying, for the purpose of preparing grazing capacity estimates. There are two parts to a range survey: mapping of grazing cover varieties and associated ...
A report required by the Interstate Land Sale Act for the sale of subdivisions having 50 or more lots. It is filed with the Federal Department of Housing and urban Development's Office of ...
Return earned on an investment over a given time period. It includes two basic components- the current yields, such as rental income and capital gains, or losses in property values. It is ...
Roof design having two different pitches. See also gambrel roof. ...
Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in ...
Charm, ambiance and allure of a city that becomes its overall unique appeal. For example, San Francisco's character includes its large artistic community and cable cars. ...
The net leasable area is all the leasable area of a given building exclusive of non-leasable space such as hallways, building foyers, rooms devoted to heating, air conditioning, elevators, ...
Right of any government agency to enact and enforce certain regulations to provide for the health and safety and general welfare of the public. ...
receiving something such as a cash payment. Written statement that something has been received such as cash, real property, or documents. The purchaser should always get a receipt. An ...
Have a question or comment?
We're here to help.