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
British thermal unit-a unit of energy associated with the creation of heat. Prior to 1929, it was defined as the amount of heat required to raised the temperature of 1 pound of water 1 ...
Method of construction where vertical siding is attached to a horizontal framing structure. Often found in the design of agricultural buildings. ...
The definition of a property brief is a document including the summarization of the attributes and characteristics of the property. Officially issued legal records are supposed to include ...
Study of real estate activities including demand, price, location influence, and current trends. ...
A method of brick construction where the bricks are laid with their sides facing outward. ...
A developer is a person that designs or creates something that could be a concept, structure, product or service. An idea can be turned into something real, tangible and the person that ...
Act of postponing a closing for another day or place. Adjournments of closing can occur for a variety of reasons including the lack of an appropriate closing statement, one or more parties ...
Market analysis method where sales of similar properties in proximity neighborhoods are compared. The comparable sales methodology is extremely useful if the properties being compared are ...
Property deed in which the grantor limits the title warranty to the grantee. A grantor does not warrant a title defect to the property occurring from a happening before the time of his ...
Have a question or comment?
We're here to help.