Real Estate Words – J

Joint Tenancy: Two or more people holding title to a property.
Joint Tenancy with Right of Survivorship: Two or more people hold title to the property together. If one person dies, the ownership automatically defers to the remaining owner(s).
Judgment: A court-ordered resolution to a legal matter.
Jumbo Loan: A loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits (subject to change annually), currently at $417,000 for a single-family home in the continental United States and Puerto Rico ($625,000 in Alaska, Hawaii, Guam and the U.S. Virgin Islands). Also called a nonconforming loan.