Real Estate Terms - J

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joint tenancy

A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

judgement

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

judicial foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.

jumbo loan

A loan for greater than Fannie Mae’s and Freddie Mac’s loan limits. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

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.