Property Legal Terms (J)

jerry-built

A construction built of inferior and cheap materials. Poor quality

joint

Used to indicate a common property ownership interest in real estate. Indicates a shared liability in terms of contractual relationship

joint agent

Two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents affects the sale, letting or other disposition of the property, being the subject of the principal's instructions, the other joint agent(s) will share the remuneration in agreed proportion

joint tenants

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent's interest passes to the surviving joint tenant or tenants by the right of survivorship

joint venture

An agreement between two or more parties to invest in a specific single business property

joint tenancy

A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

judgement

A decision made by a court of law. In judgements that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgement's creditor.

judicial foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.

juristic person

Includes a firm, corporation, union, association, or other organization capable of suing and being sued in a court of law.