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
A step's edge. ...
Supporting beam or connecting member between two walls. A cross tie gives support for wall structures. ...
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(1) Qualifications applying to an estate occurring when the estate is feated or enlarged. (2) Restrictions in a deed. See also condition precedent; condition subsequent. ...
Arrangement whereby a party providing financing gets a portion of the ownership. ...
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