Two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, ownership of the property cannot be willed to someone who is not a joint owner.
- Browse Related Terms: Change Orders, cloud, Co-Borrower, Cooperative (Co-op) Project, Deed-in-Lieu of Foreclosure, Eminent Domain, fee simple, Foreclosure, Joint Tenancy (with Rights of Survivorship), Liability insurance, Owner's Policy, Pre-Foreclosure sale, tax deed, Title Defect, Title Insurance, Transfer Tax, Warranty deed
One of a series of parallel timber beams used to support floor and ceiling loads, and supported in turn by larger beams, girders, or bearing walls; the widest dimension is vertically oriented.
- Browse Related Terms: Armature, Bracket, Canopy, console, Corbel, Dentil, Joist, Modillion, Pier, Shouldered Arch, Turret
Also listed in:
A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
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A lien on the property of a debtor resulting from the decree of a court.
- Browse Related Terms: certificate of title, Clear Title, Encumbrance, equity, First Mortgage, Free and clear, Ground Rent, judgment, Judgment Lien, Land rent, Lien, Lien Waiver, mortgage, Subordinate Financing, Title 1, Title Search
A nonconforming loan that is larger than the limits set by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC) guidelines.
Or non-conforming loan, is a loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called "nonconforming loan."
- Browse Related Terms: Conforming Loan, Fannie Mae-Seller/Servicer, Fannie Mae/Freddie Mac Loan Limit, Federal Home Loan Mortgage Corporation (FHLMC), GSE, Jumbo Loan, Mortgage Banker, Non-Conforming loan
A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.
Any mortgage of lessor priority than a first mortgage. Second mortgages, third mortgages, and most home equity loans are junior mortgages.
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage