Real Estate Glossary J,K

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J, K

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)
See Equity
sharing

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 or decree made by a court of
law

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

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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) See Equity sharing
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 or decree made by a court of law
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

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Real Estate Glossary J,K

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Do any of these definitions raise questions for you? Didn’t find the word you’re looking for? Let us know! We’re happy to answer ANY questions. It’s our job! There’s no obligation, and we promise to get back to you quickly…

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Do
any of these definitions raise questions for you? Didn’t find the word
you’re looking for? Let us know! We’re happy to answer ANY questions.
It’s our job! There’s no obligation, and we promise to get back to you
quickly…