Key Real Estate Terms J | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms J
This article provides the definitions of key estate terms beginning with the letter J.
Joint and Several Liability
is when each of the individual owners is personally responsible for the total damages.
Joint Tenancy
is the ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant.
Joint Venture
is the joining of two or more people to conduct a specific business enterprise.
Judgment
is the formal decsion of a court upon the respective rights and claims of the parties to an action or suit.
Junior Lien
is an obligate such as a second mortgage that is subordinate in right or lien priority to an existing lien on the same real estate.
Just Compensation
is an amount of compensation to be received by a party for the taking of their property under the power of eminent domain.
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Definitions Of Key Real Estate Key Terms J
