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Joint Ownership Agreement -
An agreement between owners defining their rights, ownership,
monetary obligations and responsibilities. This could be between and investor and an occupant or the occupants. If an
investor is involved, the investor does not take depreciation deductions and none of the occupant's payment is
deemed rent for tax purposes. Compare, EQUITY SHARING.
Joint
Tenants - 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 owners. Compare, TENANTS IN COMMON,
TENANTS BY THE ENTIRETY.
Joint Tenancy - An
undivided interest with the right of survivorship. Ownership
by two or more natural persons must take title at the same
time, by the same instrument, with equal interests, and equal
rights of possession and rights of survivorship.
JONES v. MAYER
- A 1968 Supreme Court case to resolve the apparent conflict
between the 1866 Civil Rights Act (with no exceptions) and the
1968 Fair Housing Act (with some exceptions). The case
determined that racial discrimination is never allowable
despite the 1968 exceptions. Thus these exceptions apply only
to other protected classes and not race.
Judgment - Final
order of the court as to money owed. When recorded, the
judgment becomes a general lien on the property of the debtor.
Judgment Lien - A judgment is a lien against all real property owned by the
judgment debtor in the county where the judgment is docketed
(recorded).
JUDICIAL FORECLOSURE
- A court proceeding for foreclosure.
JUST COMPENSATION
- The amount that should be paid by a governmental entity to
the owner of private property being taken under eminent
domain.
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