Dictionary of Terms - J
From Our Property Taxes
Joint And Several Liability: Each of the individual owners is personally responsible for the total damages.
Joint Liability: The responsibility of two or more people to fulfill the terms of a home loan or other financial debt.
Joint Tenancy: Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. On the death of a joint tenant, the decedent's interest passes to the surviving joint tenant(s) by the right of survivor-ship.
Joint Venture: The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. It is unlike a partnership in that the venture is for one specific project only, rather than for a continuing business relationship.
Judgment: The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder it usually becomes a general lien on the property of the defendant.
Judicial Appeal: property owners may file a judicial appeal, or a lawsuit in state district court, if they are not satisfied with the result obtained at the appraisal review board hearing.
Judicial Precedent: In law, the requirements established by prior court decisions.
Jumbo Loan: Loans that exceed the conforming limits set annually by Fannie Mae & Freddie Mac.
Junior Lien: An obligation such as a second mortgage that is subordinate in right or lien priority to an existing lien on the same realty.
Junior Mortgage: A loan that is subordinate to the primary loan.
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