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Glossary of Real Estate and Legal
Terms and Definitions
J-K
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Joint Ownership Agreement |
An agreement made between two or more owners of
the same property, defining their rights and responsibilities (e.g. recommended
in the case of married owners of property)
See Equity
sharing |
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Joint tenancy, or Tenants by the
entirety |
Ownership of real estate by two or more parties
held jointly for life; if one of the owners dies, the survivor(s) inherit the
property without reference to the deceased's will |
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Judgment |
A decision or decree made by a court of
law |
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Judgment lien |
A claim against the real property of a debtor,
as decreed by the court |
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Jumbo loan, or Non-conforming
loan |
A loan amount that exceeds the limits set by the
Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation; because such loan cannot be funded by these two agencies, it
carries a higher interest rate |
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Junior mortgage, or Secondary
mortgage |
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage |
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always looking for new information to add to the dictionary so any
request about a word or term is always welcome.
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