J
Joint and Several Liability: A legal principle that holds each party to a contract or agreement individually responsible for the full amount of the obligation, allowing the injured party to seek full compensation from any one party.
Joint and Survivor Annuity: A financial product that provides income payments to two or more individuals during their lifetime, with the remaining payments going to the surviving annuitant(s) upon the death of one or more annuitants.
Joint Application: The process of applying for a mortgage or loan with two or more borrowers, combining their income, assets, and credit history to qualify for financing.
Joint Liability: The legal obligation shared by multiple individuals or entities to fulfill a debt, obligation, or responsibility. In the context of contracts or loans, joint liability means that all parties involved are collectively responsible for fulfilling the terms and conditions of the agreement. This means that each party can be held accountable for the entire obligation, not just a proportional share. In case of non-payment or default, the creditor or the party seeking recourse can pursue any or all of the joint obligors to recover the debt or seek remedy.
Joint Tenancy: A form of property ownership where two or more individuals hold equal shares of ownership in a property, with the right of survivorship.
Joint Tenancy with Right of Survivorship (JTWROS): A form of property ownership where two or more individuals have equal ownership rights, and in the event of the death of one owner, the remaining owners automatically inherit the deceased owner's share.
Joint Venture: A business arrangement in which two or more parties collaborate and contribute resources to pursue a specific real estate project or investment.
Judgment: A formal decision issued by a court of law regarding the rights, obligations, or liabilities of parties involved in a legal dispute.
Judicial Foreclosure: The process of foreclosure that involves a court proceeding where a judge oversees the sale of a property to repay the outstanding mortgage debt.
Judicial Sale: A public auction of a property conducted under the supervision of a court, typically as a result of a foreclosure or legal action.
Junior Lien: A lien or mortgage that has a lower priority compared to another lien or mortgage on the same property, often ranking lower in terms of repayment priority.
Junior Mortgage: A mortgage that is subordinate to another mortgage or lien on the same property, with a lower priority in the event of foreclosure or sale.
Jumbo Loan: A mortgage loan that exceeds the limits set by government-sponsored enterprises (GSEs), such as Fannie Mae and Freddie Mac.
Junk Fee: Unnecessary or excessive fees charged by a lender or service provider during a real estate transaction, often unrelated to the actual services provided.
Just Compensation: The fair and reasonable monetary value or compensation provided to a property owner when their property is taken or damaged by eminent domain or government action.
Just Value: The assessed value of a property for taxation purposes, often based on its fair market value or appraised value.