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 Mae’s and Freddie Mac’s loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans. |