Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...

A house having stucco or brick siding mixed with some wood. The house usually is two or more stories. ...

Regulatory rules that have to be followed by the organization in conducting its activities. ...

Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...

(1) Subunit integral to a larger unit. (Usually associated with furniture). (2) Permanent fixture or appliance which is not intended to be portable and cannot easily be removed. A home has ...

Time period that a round of regular recurring construction takes place. There may be boom and bust times in construction activity. ...

Main street having a divider either in the center or between the curb and sidewalk with trees, grass, or other shrubbery. ...

An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...

An agreement specified in the lease providing the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the ...

Popular Real Estate Questions