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
The meaning of an undisclosed principal in everyday use often refers to a confidential client who intends to keep their identity hidden. Typically, this individual remains in the background ...
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. ...
Sudden, drastic change in organization, direction, objectives, strategies, or functioning. It is often associated with a new owner who wants things his way. Managers and employees may ...
Charges resulting in involuntary encumbrances against real property derived from legislated law rather than from debts owed to organizations o r individuals. For example, of a homeowner ...
The initial cost of a home plus any expense for final settlement that are not tax deductible plus capital improvements. ...
Rights granted to owners of property restricted to conservation use, historic preservation, or some other low density function to sell to other landowners allowing them to develop their ...
In land surveying, the point al which two properties intersect constituting a boundary line between the properties. A corner can be determined by either a survey or general agreement ...
The meaning of undue influence revolves around a control one individual can exert upon another to persuade them to do something that won’t be beneficial for the influenced party. ...
Helps in supporting a building. ...
Have a question or comment?
We're here to help.