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
judgment 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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