FIND THE DEFINITION FOR ANY REAL ESTATE TERM

Click on the letters above for terms beginning with that letter, and then click on the term below.

Don’t see a term here? Feel free to ask us. (Unfortunately, however, we cannot give you real estate or legal advice.)

JOINT TENANCY – A form of ownership where to or more parties own a property on completely equal terms. All owners would have an equal right to possess the property, would own the same percentage of interest, would get the property at the same time and would be listed as owners on the same deed. When one owner dies, their share of the property would be divided equally between the surviving owners of the property, meaning a Joint Tenant could not leave there share of the property to someone else in a will.

JUDGMENT – A court decree placing a lien on the real and personal property of a debtor, to secure payment of a debt.

JUNIOR LIEN – A lien on a property, such as a mortgage, which would not be first in line for payoff in the event the property is sold in foreclosure.