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GLOSSARY OF TERMS

Buying and selling a home can be confusing. Many of the terms used during the transaction may be new or unfamiliar to you. In light of this, WashMetroHomes.com is providing you with this brief glossary of these terms. Each real estate transaction is unique and the terms are all different. If you are unclear about any specific area or meaning in a real estate contract, see the help of a real estate professional such as a Realtor, Mortgage Specialist, or a competent and qualified attorney.

Click on the letter which corresponds to the term you are seeking to go to the page.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

J

joint tenancy
A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

judgment
A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.

judgment lien
A lien on the property of a debtor resulting from the decree of a court.

judicial foreclosure
A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.

jumbo loan
A loan that exceeds Fannie Mae’s mortgage amount limits. Also called a nonconforming loan.

 

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