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

Generally speaking, the meaning of warehousing refers to the act of storing assets and keeping a physical inventory expecting a sale or distribution of goods at a later date. Warehousing is ...

The term agricultural property means a type of land that has been designed or is permitted to engage in agricultural activities. Also referred to as agricultural land, agricultural ...

If you came here looking for the Sublease definition, chances are that you know what it means, but you need more information about it, with scenarios and facts to better grasp it. ...

A written, legally enforceable document used to transfer title to real estate, See also quit claim deed; warranty deed. ...

Blockbusting is a despicable and illegal racist business practice. Here’s how Blockbusting happens: a real estate agent, or someone posing as one, comes to a homeowner and instills ...

Market where mortgage loans can be sold to investors. The availability of funds for financing real estate is affected by economic conditions, both local and national. The result is that at ...

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 ...

The net leasable area is all the leasable area of a given building exclusive of non-leasable space such as hallways, building foyers, rooms devoted to heating, air conditioning, elevators, ...

Legal action by an owner of property to oust or exclude an individual or business form using the property. ...

Popular Real Estate Questions