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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". Destin real estate and homes for sale.
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. Destin
Realtors selling
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.