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Real Estate Definitions

These are definitions related to real estate. The definitions can be very helpful in understanding much of the confusion that comes over people when they are trying to understand what a realtor or a loan officer might be saying. If you have any other words you may need defined, do not hesitate to call me at 608-219-8014.

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


J

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.


Keller Williams real estate agency serving Madison and the southern Wisconsin area

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Nataliya Flannery
My Cell Phone: (608) 219-8014
My Fax Number: (608) 831-0825
My Email: natflannery@kw.com
Alternate Website: Nataliya Flannery
- Madison Real Estate

Keller Williams-West Madison:
3 Point Place
Madison, WI 53719
Last Updated: March 23, 2007 All information copyright madison-real-estate.net 2005, Webmaster
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