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Glossary of Terms
Don't be confused about the terminology used in the industry, find out what it all means here.
JOINT AND SEVERAL LIABILITY
When two or more people agree to take on the same obligation (such as a loan), they may each be responsible for a certain portion of the obligation or they may each be responsible for the entire obligation. When the contract states that liability is joint and several, it means that all parties together are responsible for the obligation (joint) but also that each party individually is responsible for the entire obligation on their own (several). The creditor may sue all of them or just one for the debt.
JOINT OWNERSHIP AGREEMENT
A contract between two or more people who have an interest in the same piece of property which sets out their respective rights and obligations with regard to the property and also may set out the way in which the parties agree to manage the property.
A way in which two or more people may hold title to property together. Owning as joint tenants means each owner has an equal right to the entire property, that none of the owners may sell, bequeath or encumber their portion of the property without the consent of the other owners and that, in the event of the death of one of the owners, the surviving owners automatically retain title to the entire property by Right of Survivorship. Compare with tenants in common.
A project which two or more persons undertake together, sharing the cost, the risk and the reward.
Made in lieu of dower, a freehold estate created in a property which lasts for the life of the widow which takes effect upon the death of the husband.
A decision rendered by a court. If a monetary award is involved, it may become a lien on property owned by the losing party.
A party who, by virtue of a court decision, is entitled to a monetary payment from another party.
A party who, by virtue of a court decision, is required to make a monetary payment from another party.
A general lien which applies to all property owned by a judgment debtor located in the county where the judgement is recorded.
An enforcement action by a lender, the act of selling the property to recover the mortgage debt after obtaining judgment of a court.
JUMBO LOAN (MORTGAGE)
A loan for more money than the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation will fund under its mandate.
JUNIOR LIEN (MORTGAGE)
A claim against property which is behind at least one other lien in priority.
Slang term for extra fees charged by a lender on a mortgage loan.
The extent of authority 1) of a court over a certain matter or person; 2) of a government organization over a territory.
Payment of a fair and reasonable amount for property taken from a private person by a government body.