| JOINT OWNERSHIP AGREEMENT | An agreement between owners defining their rights and responsibilities. The agreement could be between an investor and an occupant or among occupants. If an investor is involved, the investor does not take depreciation deductions and none of the occupant |
| JOINT TENANCY | Two or more persons own a property. Joint tenants with the common law right of survivorship means the survivor inherits the property without reference to the decedent's will. Creditors may sue to have the property divided to settle claims against one of the tenants. |
| JUDGMENT | A decree of a court. "In practice this is the lien or charge upon the lands of a debtor resulting from the Court's award of money to a creditor." (See Judgement Lien) |
| JUDGMENT DOCKET | The record book of a County Clerk where a judgment is entered in order that it may become a lien upon the property of the debtor. |
| JUDGMENT LIEN | A judgment automatically becomes a lien against all real property owned by the judgment debtor in the county where the judgment is docketed (recorded). The Statute of Limitations (in Virginia) for a judgment is ten years after conveyance of a property. |
| JUNIOR LIEN | When a property is foreclosed, lenders are repaid in a particular order, established by the loan documents. The lender with the first claim to repayment is said to hold the first mortgage, and a lender whose repayment order is after the first claimant is |
| JUNIOR MORTGAGE | Also called a secondary mortgage. A mortgage whose claim to repayment is second to another mortgage. |
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