JOINT AND SEVERAL LIABILITY - A situation in which more than one
party is liable to repay a debt or obligation and a creditor can
obtain compensation from one or more parties, either
individually or jointly, whichever he chooses.
JOINT TENANCY - A form of property ownership by two or more
persons in which the joint tenants have one and the same
interest, arising by one and the same conveyance, commencing
atone and the same time and held by one and the same
possession(the concept of "four unities").
JOINT VENTURE - The joining of two or more people in a specific
business enterprise such as the development of a condominium
project or a shopping center.
JUDGMENT LIEN - A lien binding on all the real estate of a
judgment-debtor and giving the holder of the judgment a right to
levy (i.e. to seize) the land for satisfaction of the judgment.
JUDICIAL FORECLOSURE - A method of foreclosing upon real
property by means of a court supervised sale. After an
appraisal, the court determines an upset price below which no
bids to purchase will be accepted.
JUNIOR MORTGAGE - A mortgage which is subordinate in right or
lien priority to an existing mortgage on the same realty, such
as a second mortgage.
JURISDICTION - The authority or power to act, such as the
authority of a court to hear and render a decision that binds
both parties.
JUST COMPENSATION - An amount of compensation to be received by
a party for the taking of property under the power of eminent
domain.
Salem Utah Short Sales
