Real Estate Glossary: Terms starting with letter 'J'
B | C |
D | E |
F | G |
H | I | J | K
| L |
M | N |
O | P |
Q | R |
S | T |
U | V |
W | X |
Y | Z
Joint tenancy: A legal method of owning real or personal property by two
or more persons in which each person owns an undivided interest in the whole and
has an automatic ownership right to the property after the death of the other owner
or owners. This method of ownership avoids probate but may have undesirable legal
and tax consequences.
Judgment: 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 proceeding used in some states
that is handled as a civil lawsuit and conducted entirely under the auspices of
Jumbo loan: A loan that exceeds Fannie Mae’s legislated mortgage amount limits.
Also called a nonconforming loan.