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
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
If you’re a renter and you own a pet, you might be familiar with the term pet rent. There has been a lot of discussion about the meaning of pet rent and controversy as it isn’t ...
Regarding the definition of the term adjoining, we see a term used most often to describe a particular position that objects, items, or properties have regarding each other. In the case of ...
Commissions received by a syndicator when real property is sold. The fees typically occur after the investors receive their initial investment plus the specified return. ...
Occupant's right in a structure to see out of the window without being hindered. For example, if someone wants to construct an office building adjacent to a home that will significantly ...
Privilege granted by a franchiser to a franchisee permitting the latter to operate using the franchiser's name. The franchisee must pay a franchise fee for such right. In addition, the ...
The term adjacent property, naturally, refers to a property’s position regarding other properties close to it. The adjacent property meaning is different from the term adjoining ...
An early term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land. ...
Mortgage loan not insured or guaranteed by a governmental agency such as the Federal Home Administration or the Veterans Administration. This type of loan is repayable in fixed monthly ...
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