A glossary of real estate and mortgage terms for home buyers and sellers
J
| Term | Definition |
|---|---|
| Joint Tenancy |
A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship. |
| Joint venture |
An equity participation in which a lender puts up funds and others, such as developers, contribute expertise. Other examples include the participation of non-profits agencies with for-profit agencies where one provides the debt and the other the equity. |
| Joists |
Wood beams in a house to which the floor is nailed and the ceiling lath of the floor below is nailed. |
| 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 proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. |
| Jumbo Loan |
A loan that exceeds mortgage amount limits. Also called a nonconforming loan. |
| Junior mortgage |
Any mortgage on a property that is subordinate to a senior mortgage in priority. |
