Canadian Real Estate / Mortgage Glossary : J

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Joint Account
A bank account owned by two or more persons who share equally in the rights and liabilities of the account.

Joint Credit
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.

Joint Liability
The responsibility of two or more people to repay a debt

Joint Tenancy
Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property.

Joint Venture
An association between two or more parties to own and/or develop real estate. It may take a variety of forms including partnership. It is formed for specific purposes and duration.

Jointly-Owned Property
A property held in the name of more than one person.

Judgement
The official authentic decision of a court of justice upon the respective rights and claims of the parties to an action or suit therein litigated and submitted to its determination.

Junior Mortgage
A mortgage that is subsequent to the claims of the holder of a prior (senior) mortgage.

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