Real Estate Dictionary

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JOINT APPRAISAL - An appraisal by more than one appraiser, but one which states common conclusions of all.

JOINT TENANCY - An undivided interest in property, taken by two or more joint tenants. The interest must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

JOINT TENANTS - Those holding joint tenancy.

JUDGMENT (Judgment) - The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

JUDICIAL FORECLOSURE - Foreclosure through court action rather than by a power of sale. Judicial foreclosure is sometimes necessary to remove certain tax liens.

JUDICIAL SALE - A sale made under court order, by one court appointed, rather than a voluntary sale by the owner.

JUMBO LOAN - A home load that is monetarily more than the limits of Freddie Mac or Fannie Mae.

JUNIOR LIEN - A lien which is subordinate to a prior lien.

JUST COMPENSATION - In condemnation the amount paid to the property owner. Just is defined as making the owner no richer or poorer than before the taking.

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