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Welcome > Resources > Real Estate Dictionary - A
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Joint Ownership Agreement |
An agreement made between two or more owners of
the same property, defining their rights and responsibilities (e.g. recommended
in the case of married owners of property)
See Equity
sharing |
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Joint tenancy, or Tenants by the
entirety |
Ownership of real estate by two or more parties
held jointly for life; if one of the owners dies, the survivor(s) inherit the
property without reference to the deceased's will |
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Judgment |
A decision or decree made by a court of
law |
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Judgment lien |
A claim against the real property of a debtor,
as decreed by the court |
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Jumbo loan, or Non-conforming
loan |
A loan amount that exceeds the limits set by the
Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation; because such loan cannot be funded by these two agencies, it
carries a higher interest rate |
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Junior mortgage, or Secondary
mortgage |
A mortgage whose claim to repayment is of lesser
priority than another, previously recorded mortgage |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
Home Inspections >About Termites Most real estate offers require an inspection by a licensed exterminator to determine that the house doesn't have termites or other wood boring insects. The inspector will look for two signs in deciding whether or not to pass a house--an active termite infestation and evidence of a past infestation.
If your house does not pass the termite inspection, get a list of qualified exterminators from your real estate agent. Find out what treatment options they offer and what they charge for the service. Exterminators are usually quite competitive. If your home was treated for a past infestation, the company which performed the extermination may be willing to re-certify your home without a second treatment. Arrange for the termite inspection as early as possible, so you will have time to determine the best way to get rid of them, if they are found.
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| Q |
What do 84% of homebuyers who use the Internet to search for homes have in common?
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| A |
They use a real estate agent to purchase their home.
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 See More Real Estate Trivia > |
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