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Real Estate Dictionary/Glossary A,
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N.B. This glossary is provided with the understanding that the author is not
providing any legal, or other professional services. If legal or real estate
advice is required, the services of a competent professional person should be
sought.
Joint and Several Liability
A situation when more than one party is liable for repayment of a debt or
obligation. A creditor can obtain compensation from one or more parties, either
individually or jointly. (See liability)
Joint Protection Policy
A title insurance policy insuring the interest of both owner and lender.
Joint Ownership Agreement
An agreement between owners defining their rights, ownership, monetary
obligations and responsibilities. This could be between and investor and an
occupant or the occupants. If an investor is involved, the investor does not
take depreciation deductions and none of the occupant's payment is deemed rent
for tax purposes.
Joint Tenancy
Two or more persons owning a property. Joint tenants with the common law
right of survivorship means the survivor inherits the property without reference
to the decedent's will. Creditors may sue to have the property divided to settle
claims against one of the owners. Compare, tenants in common, tenants by the
entirety. An estate or unit of interest in real estate that is owned by
two or more natural persons with rights of survivorship.
The basic idea of a joint tenancy is unity of ownership; title is held as
though all owners collectively constituted one person, a fictitious entity. The
death of one joint tenant does not destroy the owning unit--it only reduces by
one the number of persons who jointly own the unit.
The remaining joint tenants receive the deceased tenant's interest by the right
of survivorship. Thus, the decedent's interest cannot be transferred by will or
descent. As each successive joint tenant dies, the remaining tenants acquire the
interest of the deceased. The last survivor takes title in severalty, fully
inheritable at his or her death by heirs and devisees.
Joint Venture
The joining of two or more people to conduct a specific business enterprise. A
joint venture is similar to a partnership in that it must be created by
agreement between the parties to share in the losses and profits of the venture.
It is unlike a partnership in that the joint venture is for one specific project
only, rather than for a continuing business relationship.
Judgment
The formal decision of a court on the respective rights and claims of the
parties to an action or suit. A judgement that has been entered and recorded
with the county recorder usually becomes a general lien on the property of the
defendant.
Judgment Decree
Specifies the award made by the court in a civil case.
Judgment Lien
A general lien on the property of a judgment debtor, giving the holder of the
judgment a right to levy the property to satisfy the debt. A judgment is a lien
against all real property owned by the judgment debtor in the county where the
judgment is recorded.
Judicial Foreclosure
A method of foreclosing on real property by means of a court-supervised sale. In
a judicial foreclosure, there is an appraisal, after which the court determines
an upset price below which no bids to purchase will be accepted. (See
nonjudicial foreclosure, strict foreclosure)
Judicial Precedent
In law, the requirements established by prior court decisions.
Junction Box
A rectangular metal or plastic box that provides a nexus (junction) for a home's
electrical wiring system. Protects the wiring from the elements.
Real Estate Dictionary/Glossary A,
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
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