GLOSSARY OF REAL ESTATE TERMS

JOINT AND SEVERAL LIABILITY
A form of liability arising in situations involving two or more parties, whereby the entire amount of the liability can be collected from any party. Most mortgages include a “joint and several liability” clause.

JOINT TENANCY
A form of co-ownership of property whereby each owner holds an undivided and equal interest in the property and there exists a right of survivorship. Upon the death of a joint tenant, his or her interest in the property passes to the surviving joint tenant(s). Joint tenancy must be specifically designated in an instrument of conveyance and is never presumed without such a designation. Compare tenancy in common.

JUDGMENT
A final determination of the rights of parties to a lawsuit. A “deficiency judgment” is a judgment in favor of a secured creditor for the balance of a debt that is not satisfied in-full by the sale of the proffered security. A “money judgment” is a judgment in which one party is ordered to pay a sum of money to another. Recordation of a transcript of judgment will create a non-consensual lien against any and all real property owned by the adjudged party and located in the county in which the transcript is recorded. See lien.