Joint venture
The joining of two or more people to conduct a specific business
enterprise. A joint venture is similar to a partnership in
that it must be created by agreement between the parties to
share in the losses and profits of the venture. It is unlike
a partnership in that the venture is for one specific project
only, rather than for a continuing business relationship.
Joint tenancy
A way for two or more people to share ownership of real estate
or other property. When two or more people own property as
joint tenants and one owner dies, the other owners automatically
own the deceased owner's share. For example, if a parent and
child own a house as joint tenants and the parent dies, the
child automatically becomes full owner. Because of this right
of survivorship, no will is required to transfer the property;
it goes directly to the surviving joint tenants without the
delay and costs of probate. Contrast with tenancy in common.
Judgment
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. Alternative spelling is "judgment."
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. Other states use non-judicial foreclosure.
Jumbo Loan
A loan that exceeds Fannie Mae’s and Freddie Mac’s
loan limits, currently at $252,700. Also called a nonconforming
loan. Freddie Mac and Fannie Mae loans are referred to as
conforming loans.
|
