Glossary of Terms
- J
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.
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