A combining by two or more persons of their property, skill, efforts, etc., for a specific business purpose. Single purpose partnerships are now most commonly used and are based on the same idea of the single purpose business venture.

Allowing the plaintiff to sue one defendant (sever that one from the others) for the entire amount of damages, as well as the ability to sue more than one or all defendants (joint).

An appraisal by more than one appraiser, but one which states common conclusions of all.

See: Joint Tenancy.

A promise to pay, executed by two or more persons, each having equal liability. See also: Surety.

Property owned by more than one person or entity.

A policy of title insurance which insures both the owner and the lender under the same policy.

An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accuring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

Those holding under joint tenancy. See also: Joint Tenancy.

See: Joint Adventure.

A life estate for a wife which takes effect upon the death of her husband. Takes the place of dower, but must be agreed to by the wife and is not an automatic right such as dower.

Small beams, usually not more than five inches thick, which are in parallel and support floors and ceilings. The joists are supported by larger beams, bearing walls, girders, etc. A joist is rectangular in cross-section, the narrow face being the joist, the wide face the plank.

A person, corporation, etc., that has been awarded a money judgement by a court. Recording and abstract of said judgement will create a lien on real property owned by the judgement debtor in the county where the abstract is recorded.

A person, corporation etc., against whom a money judgement has been awarded by a court. See: Judgement Creditor.

The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

A lien against the property of a judgment debtor. An involuntary lien.

One against whom a judgment creditor cannot collect (no assets). If one can show he was defrauded by a “judgment proof” real estate licensee, he may recover from the state fund in states having such a fund.

Foreclosure through court action rather than by a power of sale. Judicial foreclosure is sometimes necessary to remove certain tax liens.

A sale made under court order, by one court appointed, rather than a voluntary sale by the owner, or one appointed by the owner.

A loan greater than the amount allowable for purchase by a federal agency.

A loan for an amount greater than the allowable 100% financed amount. It is determined by subtracting the maximum allowable 100% financed amount from the purchase price and financing 75% of the difference. Example: maximum allowable VA Loan – $110,000. Sale price – $130,000. Difference is $20,000;75% of the difference is $15,000. Total jumbo loan – $110,000 plus $15,000=$125,000. Required down payment – $5000.