REAL ESTATE TERMS

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JOINT NOTE: A note signed by two or more persons who have equal liability for payment.

JOINT TENANCY: Undivided ownership of a property interest by two or more persons each of whom has a right to an equal share in the interest and a right of survivorship, i.e., the right to share equally with other surviving joint tenants in the interest of a deceased joint tenant.

JOINT VENTURE: Two or more individuals or firms joining together on a single project as partners.

JUDGMENT: The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.

JUDGMENT LIEN: A legal claim on all of the property of a judgment debtor which enables the judgment creditor to have the property sold for payment of the amount of the judgment.

JUNIOR MORTGAGE: A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later recorded mortgage.

JURISDICTION: The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.

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