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Real Estate Dictionary
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joint and several liability

When two or more people take on a loan, each may be responsible for a certain portion of the obligation or they all may be responsible for the entire obligation. A joint and several liability clause removes any such ambiguity. In that case, all parties together are responsible for the obligation (joint) and each person individually is responsible for the entire obligation (several). In the event of a default, the lender may sue all or just one of the borrowers to recover the debt.

joint appraisal

An appraisal that is conducted by more than one appraiser but states their common conclusions.

joint ownership agreement

A contract between two or more people who have an interest in the same property. It sets out their rights and obligations, and may also set out the way in which the parties agree to manage the property.

joint tenancy/tenants

see co-tenancy.

judgment
A decision rendered by a court. If a monetary settlement is involved, it may become a lien on the property of the losing party.

judgment lien

A lien that applies to all the property that is owned by the loser in a court action and is located in the county in which the judgment is recorded.

judicial foreclosure/sale

An action taken by a lender to sell property in order to recover mortgage debt, after the lender has obtained a judgment of a court that so allows.

jumbo loan/mortgage

A loan for an amount that exceeds the usual funding limits of Freddie Mac or Fannie Mae. Offered by some lending institutions to allow for mortgages on very expensive properties.

junior lien

A lien that is secondary to a primary lien. The primary lien must be paid before the junior lien may be paid.

junk fees

A slang term for the extra and sometimes unnecessary services that a lender may charge for on a mortgage.
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