[
Dictionary of Terms ]
 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
J
J
FACTOR A factor used in income property analysis to derive the
change in net operating income that is required to realize a
certain equity yield rate.
JOINT
AND SEVERAL LIABILITY A situation in which a creditor may sue
one or more of the parties separately, or all of them together.
JOINT
TENANCY A concurrent ownership by two or more persons with the
fight of survivorship. This form of ownership is recognized by
all but a small handful of states. Upon the death of a joint
tenant, the interest does not pass to the joint tenant's heirs
or devisees, but to the other joint tenant(s). Effectively, when
a joint tenant dies, his or her interest is automatically extinguished.
As a result of this, no interest exists which may be passed on
after death by will. Likewise, no dower or curtesy can attach.
Further, all un-foreclosed liens of one of the joint tenants
placed on the land are extinguished. The same result occurs to
any easements or leases which were granted by one of the joint
tenants without the conveyance by the other joint tenants. Because
no interest passes after death, there is no need for probate;
the surviving tenant(s) retain the property.
JOINTURE
A freehold estate created for the life of a wife and to take
effect upon the death of her husband. Under common law, such
a provision as jointure was made prior to marriage and was made
in lieu of dower.
JOINT
VENTURE An agreement by two or more individuals or entities to
engage in a single project or undertaking. Joint ventures arc
used in real estate development as a means of raising capital
and spreading risk. For all practical purposes a joint venture
is similar to a general partnership. However, once the purpose
of the joint venture has been accomplished, the entity ceases
to exist.
JUDGMENT
The final legal determination of rights between disputants, such
as a mortgagor and a mortgagee, by a court of competent jurisdiction.
JUDGMENT
CREDITOR The party who gains under a judgment.
JUDGMENT
DEBTOR The person burdened by a judgment.
JUDGMENT
LIEN The charge upon the property of a debtor resulting from
the decree of a court entered in the judgment docket. Once a
certified abstract of the court judgment is recorded, it becomes
a lien upon all of the judgment debtor's real and personal property
within the jurisdiction. The lien may be suspended by posting
a bond until the time for final appeal has expired or an appeal
has been turned down by the appellate court. This abstract is
recorded in a judgment docket kept by the county clerk or other
public official which is arranged alphabetically according to
the names of judgment debtors. The abstract places a cloud on
the title of all real property owned by the judgment debtor for
the statutory time of the judgment lien or until the lien is
satisfied. When a judgment is a lien on all the property of the
judgment debtor, it is called a judgment in personam as contrasted
to a judgment in rem, which applies only to a specific property.
'Me statutory time period is set by state law, in most states
ten years.
JUDICIAL
FORECLOSURE A means of selling property through a court procedure
to satisfy a lien.
JUNIOR
LIEN An encumbrance second in priority to a previously recorded
lien or to a lien to which the encumbrance has been subordinated.
JUNIOR
MORTGAGE A mortgage which has a lower priority or lien position
than a first mortgage. A third or even a fourth mortgage is also
classified as a junior mortgage. What establishes a mortgage
as being a junior mortgage is that it was recorded after the
first mortgage was recorded and thus its lien position is inferior
to the first mortgage.
JURISDICTION
The extent of authority of a court to render legal decision over
person or subject matter.
JUST
COMPENSATION Fair and reasonable compensation to both owner and
the public when property is taken for public use through condemnation.
Protection is provided to property owners under the U.S. Constitution
for the taking of land. The Fifth Amendment provides that 'just
compensation' must be made.
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