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-J-
Joint
and Several Liability
Legal obligation where two or more parties
are liable for the full payment of a debt
or obligation and costs that are associated
with any judgments, even if either party is
only partially responsible for losses inflicted,
whether bodily injury and/or property damage.
Joint
Tenancy
An equal co-ownership interest of a property
where each person has equal rights in a property,
including the right of survivorship upon the
death of one joint tenant to the automatic
succession of the title of the deceased tenant.
Joint
Venture
A partnership or conglomerate, formed often
to share risk or expertise. This individuals
share in the losses and profits of only one
specific project rather than as a continuing
business relationship.
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 enforced by court action
to collect a debt owed.
Jumbo Loan
A loan that exceeds $250,000. Not all lenders
offer jumbo loans and those who do may charge
a higher interest rate. Also called a nonconforming
loan.
Just
compensation
The amount paid to the owner of a property
when it has been acquired under the power
of Eminent Domain. The amount should be the
Fair Market Value of the property at the time
of taking.
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information. (Real Estate Terms, Investment
Terms, Banking Terms explained, definitions,
legal definitions, legal terms and definitions)
