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.
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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".
Sy sells Miami real estate
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.
JUDGMENT DEBTOR:
A party who, by virtue of a court decision, is required to make a monetary payment from
another party.
JUDGMENT LIEN:
A general lien which applies to all property owned by a judgment debtor located in the
county where the judgement 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.
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sale
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.
Sy sells Miami real estate
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.
Sy sells Miami real estate for sale
JURISDICTION:
The extent of authority: 1) of a court over a certain matter or person; 2) of a government
organization over a territory.
JUST COMPENSATION:
Payment of a fair and reasonable amount for property taken from a private person by a
government body.
