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Real Estate Glossary of Terms
Looking for the definition of a real estate
term? Click on a letter of the alphabet below to go to that letter's
corresponding page of terms.
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Z JOINT
AND SEVERAL LIABILITY - A
situation in which more than one party is liable to repay a debt or
obligation and a creditor can obtain compensation from one or more parties,
either individually or jointly, whichever he chooses.
JOINT
TENANCY - A form of property
ownership by two or more persons in which the joint tenants have one and the
same interest, arising by one and the same conveyance, commencing atone and
the same time and held by one and the same possession (the concept of "four
unities").
JOINT
VENTURE - The joining of two or
more people in a specific business enterprise such as the development of a
condominium project or a shopping center.
JUDGMENT LIEN - A lien binding on
all the real estate of a judgment-debtor and giving the holder of the
judgment a right to levy (i.e. to seize) the land for satisfaction of the
judgment.
JUDICIAL FORECLOSURE - A method of foreclosing upon real property by means of a court
supervised sale. After an appraisal, the court determines an upset price
below which no bids to purchase will be accepted.
JUNIOR MORTGAGE - A mortgage which
is subordinate in right or lien priority to an existing mortgage on the same
real estate, such as a second mortgage.
JURISDICTION - The authority or
power to act, such as the authority of a court to hear and render a decision
that binds both parties.
JUST
COMPENSATION - An amount of compensation to be received by a party for the taking of
property under the power of eminent domain.
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