 |
| 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 | Ownership of real property by two or more individuals, each of whom has an undivided interest with the right of survivorship. |
|
| 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 | The final decision of a court resolving a dispute and determining the rights and obligations of the parties. Money judgments, when recorded, become a lien on real property of the defendant. |
|
| 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 realty, 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 | Compensation which is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain). The theory is that in order to be “just”, the property owner should be no richer or poorer than before the taking. |
|
