Real Estate Glossary
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Jeopardy
An element of risk or danger.
Joint Account
A credit account held by two or more people so that all can use the account and all assume legal responsibility to repay.
Joint and Several Liability
A situation whereby a creditor can demand full repayment from any and all borrowers. Each borrower is liable for the full debt, not just the prorated share.
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 agreement between two or more parties who invest in a property of business.
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.
Judgment Search Fee
A fee charged by a title company to search the public record for judgments filed against a property owner or borrower that could ultimately encumber the title of the property.
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 Mortgage
A loan that exceeds the maximum loan amount allowed by the most common mortgage investors. The cost of obtaining a jumbo mortgage is generally higher than the cost of obtaining a conforming mortgage. Also called a nonconforming loan.
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