Terms Defined

The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.

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Joint Protection Policy

A title insurance policy in form suitable to insure the owner and/or lender.

Joint Tenants

Persons who are co-owners of interests in the same land. At common law and  in some  states  today,  upon  the death  of a joint  tenant,  interest  automatically passes  to the surviving  joint  tenant(s).  This survivorship  feature,  when  it exists,  is the principal distinction between a joint tenancy and a tenancy in common.


The formal expression and evidence of the decision of a court in a specific lawsuit. Where the judgment  decrees that one party (the judgment  debtor) pay another party  (the  judgment  creditor)  a certain  sum  of money,  the recording  of that  judgment creates a lien upon all land of the judgment debtor in that jurisdiction.

Junior Mortgage

A mortgage, the lien of which is subordinate to that of another mortgage.