Real Estate Glossary

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Joint Tenancy: Type of ownership in which two ore more people have an undivided interest in a property, with the right of survivorship. Upon the death of one owner, the other owner has the right to own the entire property. 

Judgment: The final decision made by a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

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 Maeís and Freddie Macís loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.