Real Estate Glossary: J

Joint Credit
Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.

Joint Liability
When two or more people are responsible for repaying a single debt.

Joint Tenancy
When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.

Joint Venture
A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.

Jointly-Owned Property
Property that is legally held in more than one person’s name.

Junior Mortgage
A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.