Jeopardy in real estate refers to the risk or danger of losing a property, typically due to default on a loan or failing to meet certain contractual obligations, leading to potential foreclosure or other legal actions.
Joint and several liability is an obligation that allows a creditor to demand full repayment from any or all of those who have borrowed. Each borrower is liable for the entire debt, not just a prorated share.
Joint ownership refers to a property ownership structure where two or more individuals hold title to a property collectively. This structure can have various legal implications, depending on how the ownership is defined and agreed upon among the parties.
Joint Tenancy refers to the ownership of property by two or more individuals who collectively hold an undivided interest in the real estate, alongside the right of survivorship. This arrangement ensures that when one joint tenant passes away, their interest in the property automatically transfers to the surviving joint tenant(s).
A Joint Venture (JV) is an agreement between two or more parties to pool their resources for the purpose of accomplishing a specific task. This task can be a business activity or a property investment. Each party in the joint venture retains their individual profits, losses, and assets, while jointly sharing control over the project.
Joists are essential structural elements in building construction, providing support for floors, ceilings, or other horizontal platforms. They are typically made from wood, steel, or engineered materials and are spaced at regular intervals to distribute weight efficiently.
A decree issued by a court determining that one individual is indebted to another and specifying the amount owed.
A judgment creditor is an entity that has received a court decree or judgment entitling them to collect a debt owed by the judgment debtor.
A judgment debtor is an individual or entity who has been ordered by a court to pay a sum of money but has not yet satisfied this obligation. This term is often used in legal and real estate contexts where defaulting on financial responsibilities can lead to court judgments.
A judgment lien is a court-ordered claim upon a debtor's property, established to satisfy a debt ruled upon in a court of law. This lien ensures the creditor's right to a debtor's asset in case of non-payment.
Judicial foreclosure is a legal process in which a defaulted debtor’s property is sold under the supervision and ratification of a court, often resulting in a deficiency judgment against the debtor if the sale price does not cover the owed amount.
A Jumbo Mortgage is a type of home loan that exceeds the conforming loan limit set by governmental bodies like Freddie Mac and Fannie Mae. These loans are often used for purchasing luxury homes or properties in highly competitive markets.
Junior anchors are stores in a community or regional shopping center that are smaller than the anchor tenant, yet larger than the inline stores. They typically range from 15,000 to 40,000 square feet.
A junior lien, also known as a junior mortgage, is a type of lien or security interest that is registered on a property after a primary, or senior, lien. These liens are subordinate to the senior lien in terms of priority and repayment during foreclosure.
A junior mortgage is a type of mortgage that rises behind a prior mortgage in lien priority, which means in case of default, the primary mortgage get paid first before the junior mortgage is addressed.
Junk fees are charges levied by a lender at closing in the hope that the borrower will neither question them nor abort the transaction. These fees often are of a questionable nature but are relatively small compared to other legitimate closing costs.
Jurisdiction refers to the geographic or topical area of authority granted to a specific government entity. This concept is crucial in determining which legal entity has the right to preside over a particular matter or region.
Just Compensation refers to the amount of money paid to a property owner when their property is legally taken by the government under the power of eminent domain. The payment is intended to be equivalent to the Fair Market Value of the property taken.
