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
Upon satisfaction of a mortgage or other debt payments, the deed releases property, or a portion of it, form the incumbrance. Often it is used in circumstances where a deed of trust is ...
Neighborhood square somewhat resembling a park. It is often owned by town or row house owners situated near the square. ...
One who represents a zone such an elected leader of a region. He or she have dealings with the county's officials in matters affecting that zone. ...
Products, services, markets, and even humans are often subject to swift and unpredictable changes that go against all previous expectations. In other words, they’re volatile. What is ...
Measure of the typical U.S. family's ability to buy a home, published by the National Association of Realtors. When the Index measures 100, a family earning the median income has exactly ...
The escrow fee is basically how the escrow agent or manager get his/her compensation for assisting and handling both the parties and the funds involved in escrow. In real estate, the ...
Map showing the kinds of soil in a designated locality. ...
Increase in the amount of money available for businesses and people to by real estate because of lower interest rates. Easy money stimulates spending on investment such as houses. See also ...
Net return rate earned on an equity investment in real estate after deducing any interest costs and taxes. ...
Have a question or comment?
We're here to help.