Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The term master deed is a deed filed by a condominium developer or converter to record all of the individual condominium units owned within a condominium development. For example, a ...

The assessment sales ratio is a way of measuring the accuracy of a property’s assessed value when compared to the property’s selling price. This measurement gives the ...

Functional utility in real estate typically defines a property’s usefulness to the homeowner or lessee. The more purposes it can fulfill, the better. For instance, you can call a ...

Individual engaged in selling a product or service. The product may be an investment in real estate. In some instances, state law may require licensing to safeguard the public by requiring ...

One who has died with a valid will in effect. ...

Credential awarded by the International Association of Assessing Officers to appraisers of real property working for a government body. ...

Rule stating that the monthly mortgage payment, property taxes, and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration ...

Building that is elaborately built with columns in a symmetrical way, generally with three floors and a gabled roof. ...

Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a ...

Popular Real Estate Questions