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
Ownership interest in property that is above the minimum needed to meet uncertainties or a downward trend in real estate market. ...
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Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a ...
External front wall to a structure ...
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