Joint Ownership - The common ownership of real or personal property by two or more persons. The persons involved are either joint tenants or tenants in common.
Joint Tenants - Two or more entities owning an undivided interest in property. The interests must be equal, accruing under the same conveyance (deed) and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Also see Tenants in Common and Tenants by the Entireties.
Judgment - The determination of a court regarding the rights of parties in an action. A judgment of debt on a property owner can create a lien on all of that owner's land within a certain jurisdiction.
Jumbo Loan - A loan which is larger (more than $252,700) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.
Junior Mortgage - A mortgage lower in lien priority than another, i.e., Second Mortgage or Equity Line secured by real property already secured by a mortgage.
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