| Real Estate Terminology, Wording |
Gladwin Real Estate Information
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)
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
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
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 a court. Other states use non-judicial foreclosure.
Judgment Lien
A claim against the real property of a debtor, as decreed by the court
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
Junior Mortgage, or Secondary Mortgage
A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage
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)
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
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
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 a court. Other states use non-judicial foreclosure.
Judgment Lien
A claim against the real property of a debtor, as decreed by the court
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
Junior Mortgage, or Secondary Mortgage
A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage