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Real Estate Terms / Real Estate Dictionary

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Joint and Several Liability
Legal obligation where two or more parties are liable for the full payment of a debt or obligation and costs that are associated with any judgments, even if either party is only partially responsible for losses inflicted, whether bodily injury and/or property damage.

Joint Tenancy
An equal co-ownership interest of a property where each person has equal rights in a property, including the right of survivorship upon the death of one joint tenant to the automatic succession of the title of the deceased tenant.

Joint Venture
A partnership or conglomerate, formed often to share risk or expertise. This individuals share in the losses and profits of only one specific project rather than as a continuing business relationship.

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

Judgment Lien
A lien on the property of a debtor resulting from the decree of a court.

Judicial Foreclosure
A type of foreclosure enforced by court action to collect a debt owed.

Jumbo Loan
A loan that exceeds $250,000. Not all lenders offer jumbo loans and those who do may charge a higher interest rate. Also called a nonconforming loan.

Just compensation
The amount paid to the owner of a property when it has been acquired under the power of Eminent Domain. The amount should be the Fair Market Value of the property at the time of taking.

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