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
Timber in an original form, such as a pole. ...
Member of a partnership whose liability for partnership debts is limited to the amount invested in the partnership. A limited partner is prohibited from taking active part in the management ...
Estimated value of property after a specified time period. ...
Measure of land representing one square mile. A section equals 640 acres. ...
mortgage being reduced through periodic principal and interest payments. ...
The portion of property income due to the ground value itself. It is used in a few states whereby an individual can own a structure and rent the ground to occupy a plot of land. ...
In an everyday scenario, a meeting of the minds implies fully agreeing with another person. What does meeting of the minds mean in real estate? Picture you want to buy or sell a property. ...
Structure not directly belonging to a property but considered a part of it through the use of an easement of common consent. ...
See historic structure. ...
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