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
Number of range grassland acres needed to support one animal unit for a specified period of time or grazing season. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
The term assessed value is used to define the dollar value of a property for the applicable taxes. The evaluator, a tax assessor, determines the property’s assessed value for tax ...
Equals the tax divided by taxable income. Foe example, if the tax is $30,000 on taxable income of $120,000 the effective tax rate if the business is 25% ($30,000/$120,000) ...
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. ...
Unequal treatment and denial of opportunity to individuals based on race, color, creed, nationality, age, or sex. The Civil Rights Acts passed by the U.S. Congress included those of 1866, ...
First right of a party, usually a creditor, to hold, keep possession of, or control the property of another to pay a debt, duty, or obligation. ...
Claim on property by an unpaid workman or contractor. The property may be sold to recover the money owed. The legal justification of the mechanic's lien is that the labor and materials ...
You can frequently encounter “circa” in everyday discourse, referring to an approximation as an approximate date. Variations of circa are: about, near, and roughly. The ...
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