Terms Beginning With - J
Property Development & Investment Glossary, Terms & Definitions
Joint and several liability
When two or more parties agree to repay a debt, all or any of the parties are bound to do so.
Joint property ownership is when two or more people accept joint title to a piece of property for the rest of their lives. Survivors inherit the decedent's stake in the property after he or she dies.
An agreement between two or more individuals to collaborate on a project.
A court order establishing the amount of an indebtedness and the persons involved.
A claim on a debtor's property that leads to a judgement.
The sale of a defaulting debtor's property under conditions set by the court.
A second mortgage that is secured by a first mortgage lien.