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
Legal rule, principle, or tenet. ...
Word, or group of words, that identifies a business or one of its products. The name is registered with U.S. Patent Office and provides legal protection for an indefinite number of renewals ...
Pitched roof that looks like a saw. ...
Federal program in which the U.S. government subsidizes much of the rent paid by low-income people. It applies to rentals of privately owned apartments. ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
An income feature added to a mortgage whereby the mortgagee earns income in addition to the mortgage interest and principal payments. Also called an equity kicker, a kicker allows the ...
State laws limiting the interest rate that can be charged to individuals borrowing money in that state. These laws affect all lenders in a state regardless of what federal or state agency ...
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State tax based on the value of property received through inheritance. The tax is paid by the recipient not the estate. Tax paid to the government or state upon the death of the taxpayer ...
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