Louisiana is a community property state, meaning:
Correct Answer
B) Property acquired during marriage is generally owned equally by both spouses, and both must consent to sell community immovable property
Under Louisiana's community property regime (Civil Code Art. 2338), property acquired during marriage is community property owned equally by both spouses. Both spouses must consent to the alienation (sale) of community immovable property.
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Related Topics & Key Terms
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Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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