Real Estate Glossary

J

Joint and Several
A liability which allows the creditor to sue any one of the debtors or sue all together.

Joint Tenancy
An undivided interest in property, taken by two or more joint tenants. The interest must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Judgement
A lien upon a parcel of real estate resulting from a court's decree in a legal action.

Jumbo Mortgage Loan
Mortgage loans over the current conforming amount of $300,700. Loan amounts over this amount are considered non-conforming or jumbo mortgages.

Junior Mortgage
A mortgage subordinate to another mortgage.