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
Discharge of an obligation through payment or the rendering of a service. An individual is pleased with something such as work performed by an electrician at his home. Sometimes payment ...
Section of the Internal Revenue Code that addresses tax-free exchanges of certain property. The general provisions for a tax-free exchange of real estate are that the properties must be ...
Claim or debt that may be recovered by instituting a lawsuit. ...
Approving or permitting an action to occur. ...
A landowner may not divert or redirect a natural occurring waterway from his or her property causing damages to another property. Waterway is normally construed to mean streams and rivers ...
Party that receives part or all of a construction job to do from the general contractor. ...
List of dwelling units, such as homes. ...
Use of a parcel of land that will produce the greatest current value. ...
Person or business that provides an option to someone else. ...
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