Glossary J

JOINT OWNERSHIP AGREEMENT
An agreement between owners defining their rights, ownership, monetary obligations and responsibilities. This could be between and investor and an occupant or the occupants. If an investor is involved, the investor does not take depreciation deductions and none of the occupant’s payment is deemed rent for tax purposes.
compare EQUITY SHARING

JOINT TENANTS
Two or more persons own a property. Joint tenants with the common law right of survivorship means the survivor inherits the property without reference to the decedent’s will. Creditors may sue to have the property divided to settle claims against one of the owners.
compare TENANTS IN COMMON, TENANTS BY THE ENTIRETY

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

JUDGMENT LIEN
A judgment is a lien against all real property owned by the judgment debtor in the county where the judgment is docketed (recorded).

JUMBO LOAN
A loan that is larger (more than $207,000 as of 1/1/96) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

JUNIOR MORTGAGE
Mortgage of lesser priority than the prior recorded mortgage.
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