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Jalousie window
A jalousie window is a type of window that is composed of vertical rows of horizontal glass slats, louvers which overlap each other from row to row. The slats operate together by a crank mechanism or a turn screw that connects all of the slats; operation of such crank or turn screw allows the window to tilt open, allowing for ventilation into a home´s interior. The main disadvantage of a jalousie window is that such a window is relatively difficult to seal properly, so it is a poor insulator of interior air. A door which has a jalousie window installed in it is commonly known as a jalousie door.
Joint liability
Joint liability refers to the responsibility of two or more people to fulfill the terms of a home loan or other debt. When two or more people are jointly liable, each is obligated to fulfill contractual obligations. If one of the parties is unwilling or unable to fulfill his or her obligations, such as payment of a portion of a loan, the other party or parties will often be forced to pick up responsibility for payment, so that the issuer of the loan receives the total payment amount that is due, even though that amount is not being gleaned from all responsible parties.
Joint tenancy
Joint tenancy is a type of real property ownership which involves two or more people, each of whom is the owner of an equal share of the parcel of property. Each co-tenant in a joint tenancy arrangement has an equal, undivided share in the property; for example, if there are two co-tenants, each owns a one-half interest in the property; with three co-tenants, each owns a one-third interest in the property. In joint tenancy, there is a right of survivorship. This means that when one co-tenant dies, his or her rights to the property pass to the surviving co-owner or, in the case of more than one survivor, in equal shares to each of the remaining co-owners.
Joist
A joist is a floor or ceiling support member that is supported by a home´s foundation, walls, piers, or beams. A joist is similar in appearance to a beam, but is distinguished from a beam in that a joist is usually narrower. The thickness of an individual joist is dependent on the distance between the supporting structures in connects; the wider the space between supporting structures, the thicker a joist must be in order to prevent it from bending under the weight. Joists are usually made of wood, steel, or concrete. A home´s sub-flooring is connected to floor joists.
Judgment
A judgment is a final decision regarding the resolution of a legal dispute by a court of law. A judgment is rendered after a court has considered the evidence presented by both parties to a dispute, and is binding upon the parties once issued. A party who is dissatisfied with the judgment of a court may appeal the judgment; that is, request that a higher court review the judgment to make sure that the court that issued it acted within its discretion. In the real property context, for example, a court may issue a judgment that requires a person to repay a debt, and may place a lien against his or her property.
Judicial foreclosure
Judicial foreclosure is a legal procedure that is used to handle foreclosure proceedings as civil matters. Foreclosure proceedings occur when a borrower of a home loan defaults because of unwillingness or inability to repay the obligation; the holder of the mortgage on the property in question in such a situation may take the real property away from the debtor and sell it, using the proceeds to pay of the balance due on the loan. Judicial foreclosure refers to foreclosure that is mandated by a court of law, and requires that the sale of the property be conducted by an officer of the court, such as a sheriff, to ensure that any excess proceeds from the sale after the debt owed has been paid are returned to the borrower.
Jumbo mortgage
Jumbo loans are home loans that exceed the maximum limits that are set by Fannie Mae and Freddie Mac, which are organizations that purchase loans on the secondary market and resell them to investors. The current maximum limit for home loans that is set by the two organizations is $417,000 for the year 2006 for loans issued in the contiguous 48 states. Jumbo loans are similar in many ways to traditional home loans, but because of the amount of money that is issued in such a loan, interest rates tend to be higher and a higher don payment on a property is usually required.
Junior mortgage
A junior mortgage is a home loan that is subordinate to the primary loan on the same property. Junior mortgages are issued later in time than the primary mortgage on a particular parcel of real property; usually, only second mortgages are available to a single borrower with respect to the same property, although in rare instances a third mortgage may be issued. The subordinate nature of a junior mortgage means that it is lower in the hierarchy of being paid off than a primary mortgage. In the event that a borrower files bankruptcy, for example, and his or her assets are liquidated to pay for outstanding debts, a junior mortgage is paid off only after the primary mortgage has been repaid in full. |
