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.
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