Real Estate
Glossary
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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 judgement 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.