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REAL ESTATE GLOSSARY
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JAMB
The side of a door frame.
JOINT AND SEVERAL LIABILITY
A creditor can demand full repayment from any and all of those who have borrowed. Each borrower is liable for the full debt, not just the prorated share.
JOINT OWNERSHIP AGREEMENT
An agreement between owners defining their rights, ownership, monetary obligations and responsibilities. This could be between an investor and an occupant or the occupants. If an investor is involved, the investor does not take depreciation deductions and none of the occupant's payment is deemed rent for tax purposes.
JOINT TENANCY
Two or more persons own a property. Joint tenants with the common law right of survivorship means the survivor inherits the property without reference to the decedent's will. Creditors may sue to have the property divided to settle claims against one of the owners.
JOISTS
Horizontal beams laid on edge to support flooring or a ceiling.
JUDGMENT
The decision of a court of law stating that one individual is indebted to another and fixing the amount of indebtedness. Judgements, when recorded, become a lien on real property owned by the defendant.
JUDGEMENT 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 mortgage loan for an amount greater than the limits set by Fannie Mae and Freddie Mac. Often called non-conforming loans.
JUNIOR MORTGAGE
A mortgage subordinate to another mortgage. In the case of a foreclosure a senior mortgage will be paid prior to a junior mortgage.
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