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Real Estate Dictionary

Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

J, K

Joint Ownership Agreement

An agreement made between two or more owners of the same property, defining their rights and responsibilities (e.g. recommended in the case of married owners of property)
See Equity sharing

Joint tenancy, or Tenants by the entirety

Ownership of real estate by two or more parties held jointly for life; if one of the owners dies, the survivor(s) inherit the property without reference to the deceased's will

Judgment

A decision or decree made by a court of law

Judgment lien

A claim against the real property of a debtor, as decreed by the court

Jumbo loan, or Non-conforming loan

A loan amount that exceeds the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; because such loan cannot be funded by these two agencies, it carries a higher interest rate

Junior mortgage, or Secondary mortgage

A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips

Closing or Settlement >Handle Needed Repairs Early

There is a standard chain of events that occurs when an offer comes in on a home. After a meeting of the minds, the buyer often brings in a home inspector who may find a few items that need to be repaired. The real estate agent gives the homeowner a list of the requested repairs. What comes next?

In most transactions, the seller will take care of the repairs. Many sellers wait until the week before the closing to call someone to do the work, because they want to be sure that they are going to make it to the closing table before they spend money on repair work. If you are responsible for making repairs to a home you are selling, make sure you have the work done well in advance of the closing date by licensed professionals who will stand behind their work. If the work is done at the last minute and is incomplete or unsatisfactory, it could cause complications at the closing. You should provide the buyers with all the receipts and the names of the persons to contact in case there is a problem with the repairs.

See All Tips In The "Closing or Settlement" Category >
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Real Estate Trivia

Q 
Which home is #1 on the Top 10 list for most-visited Historic Home in the United States?

A 
Graceland, the palatial home of Elvis Presley in Memphis, TN, attracts 600,000 visitors a year.
See More Real Estate Trivia >

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