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". We
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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. We sell lofts in Chicago, call us.
JUDGMENT DEBTOR:
A party who, by virtue of a court decision, is required to make a monetary
payment from another party.
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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.
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JURISDICTION:
The extent of authority: 1) of a court over a certain matter or person; 2)
of a government organization over a territory. We have lofts for sale in
Chicago.
JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a private
person by a government body.
