Title Insurance and Closing Services Since 1954
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.
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.
Judgment
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.