Real Estate Glossary J

J

joint tenancy

Joint tenancy is a form of co-ownership that gives each tenant equal undivided interest and rights in the property, including the right of survivorship. Contrast with tenancy in common, tenancy by the entirety.

judgment

A decree by a court of law that one person, a debtor, is indebted to another, a creditor, in a specified amount. The court may place a lien against the debtor's real property as collateral for payment of the judgment to the creditor.

judgment lien

A lien on the property of a debtor resulting from a judgment.

judicial foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit where the court confirms the sales price for the property and the distribution of the sale proceeds.

jumbo loan

A loan that exceeds Fannie Mae's legislated mortgage amount limits of $417,000 (2006). Also called a nonconforming loan.