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Find
the meaning of all the key terms used in Real Estate Vocabulary.
Click on the corresponding letter to find the word, which are
all listed in alphabetical order. We hope this service helps you
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JOINT AND SEVERAL
LIABILITY:
When two or more people agree to take on the same obligation (such
as a loan), they may each be responsible for a certain portion of
the obligation or they may each be responsible for the entire
obligation. When the contract states that liability is "joint
and several", it means that all parties together are
responsible for the obligation ("joint") but also that
each party individually is responsible for the entire obligation on
their own ("several"). The creditor may sue all of them or
just one for the debt.
JOINT OWNERSHIP
AGREEMENT:
A contract between two or more people who have an interest in the
same piece of property which sets out their respective rights and
obligations with regard to the property and also may set out the way
in which the parties agree to manage the property.
JOINT TENANCY:
A way in which two or more people may hold title to property
together. Owning as joint tenants means each owner has an equal
right to the entire property, that none of the owners may sell,
bequeath or encumber their portion of the property without the
consent of the other owners and that, in the event of the death of
one of the owners, the surviving owners automatically retain title
to the entire property by "Right of Survivorship". Compare
with "tenants in common".
JOINT
TENANTS:
See "joint tenancy".
JOINT VENTURE:
A project which two or more persons undertake together, sharing the
cost, the risk and the reward.
JOINTURE:
Made in lieu of dower, a freehold estate created in a property which
lasts for the life of the widow which takes effect upon the death of
the husband.
JUDGMENT:
A decision rendered by a court. If a monetary award is involved, it
may become a lien on property owned by the losing party.
JUDGMENT CREDITOR:
A party who, by virtue of a court decision, is entitled to a
monetary payment from another party.
JUDGMENT DEBTOR:
A party who, by virtue of a court decision, is required to make a
monetary payment from another party.
JUDGMENT LIEN:
A general lien which applies to all property owned by a judgment
debtor located in the county where the judgment is recorded.
JUDICIAL FORECLOSURE:
An enforcement action by a lender, the act of selling the property
to recover the mortgage debt after obtaining judgment of a court.
JUMBO LOAN
(MORTGAGE):
A loan for more money than the Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation will fund under its
mandate.
JUNIOR LIEN
(MORTGAGE):
A claim against property which is behind at least one other lien in
priority.
JUNK FEES:
Slang term for extra fees charged by a lender on a mortgage loan.
JURISDICTION:
The extent of authority: 1) of a court over a certain matter or
person; 2) of a government organization over a territory.
JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a
private person by a government body.
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