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JACK STUD – A short framing member (stud) that supports heavier structures or a header in a framed opening.

 

 

JAMB - The finished sides of a door or window frame.

JOINT AND SEVERAL LIABILITIES - Liability by two or more persons for the same obligation in which each person is legally liable for the entire obligation.

JOINT NOTE - A note signed by two or more persons who have the equal liability for payment.

JOINT TENANCY – The co-ownership of real property by two or more people that equally share the right to use, possess and enjoy the property, and have the right of survivorship.

JOINT VENTURE - Two or more individuals or firms joining together on a specific project.

JOIST Horizontal structural beams that supports part of the floor, ceiling or roof of a building.

JOIST HANGER A manufactured “U” shaped metal hanger designed to speed up the framing process and to provide excellent support for a joist.

JUDGEMENT - The decree of a court where upon recording, the judgment becomes a lien or charge upon the property of the judgment debtor. The final determination of a court of competent jurisdiction of a matter presented to it.

JUDGMENT LIEN - A legal claim on a property that enables the creditor to initiate the sale of a property in order to satisfy a judgment.

JUDICAIAL FORECLOSURE – A court procedure used to obtain title to real property after a default on a loan. After a foreclosure, the property may be sold to repay debts. (See: Foreclosure).

JUDICIAL REVIEW - The oversight by the courts of the decisions and processes of local land use agencies. It is governed by special statutory provisions that limit both actions against governmental bodies, in general, and against local land use decisions, in particular. The applicable rules of judicial review depend on the type of local body that is involved and the type of action that is challenged. The courts in New York have adopted fairly liberal rules of access to the courts, typically allowing adjacent and nearby property owners and associations of residents to challenge land use decisions that affect them in some special way.

JUMBO LOAN – Any mortgage loan that exceeds the Fannie Mae/Freddie Mac “conforming maximum loan limit”.

JUNIOR MORTGAGE/DEED OF TRUST - A mortgage or deed of trust lower in priority to previous mortgage or deed of trust, i.e. a mortgage/deed of trust recorded after another mortgage/deed of trust is recorded.

 

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