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.
Joint venture
