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
While trying to determine your net income, you might come across the term revenue, sales, or gross income. So what does revenue mean? Through revenue, we understand the income generated ...
Individual or business transferring a right or benefit to another person or business. ...
Land surveying measurement that is 16.5 feet in length, or 5 1/2 yards. A perch is also called a rod or a pole. Today the term perch is seldom used. It is found in old deeds, surveys, and ...
Mortgage clause causing the mortgagor to pledge additional properties, mortgaged or not, as collateral to the present mortgage. Failure to pay any of the other mortgages causes a ...
The definition of involuntary alienation in real estate is the loss of property through attachment, condemnation, foreclosure, sale for taxes or other involuntary transfer of title. ...
There’s no mystery. The actual age of a property is the chronological age of a property. Say a house was built two decades ago. That house’s actual age is 20 years old.The ...
Condensed appraisal report covering the major items. ...
So, after you discovered what a Home Appraisal is, you want to know more about the person responsible for it: the famous Appraiser.Good for you!The Appraiser is a certified individual ...
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 ...
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