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
Glass containing wire support to make it stronger. There is less chance of glass being broken into pieces and hurting people. ...
The United States has a law named “eminent domain” that grants local, state, or federal government the right to take ownership of a private property with or without the consent ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
A rule that the price of a house should not exceed about 2 to 2.5 times your family's gross annual earnings. Example : If annual gross income is $70,000, the highest price one could afford ...
Value that a speculator believes an investment will reach at some point in the future. ...
Owner of land allowing another to use space under the ground, such as to install a sewer or gas line. ...
Financing of a home based on how much equity the homeowner has in it. The interest rate is typically a variable one. ...
Highest bid to buy and the lowest offer to sell a parcel of real estate in a particular market at a specified time. ...
To obtain the right through authorization to act as a legal representative and agent for another. ...
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