Realestate
Glossary
Browse the list alphabetically
for a specific term. The topical list groups terms by
steps in the home buying process.
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J
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jack plane
A woodworker's tool designed for shaving off small
amounts of wood. The workhorse of the plane family,
a jack plane is a good length for truing up boards,
fitting doors, and similar tasks. |
jalousie window
A window that consists of vertical rows of horizontal
glass slats that operate together by a crank mechanism
that connects all the slats. |
jamb
A surface that lines an opening for a door. |
joint liability
The responsibility of two or more people to fulfill
the terms of a home loan or debt. |
joint tenancy
Ownership by two or more people that gives equal
shares of a piece of property. Rights pass to the
surviving owner or owners. |
J
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joist
Part of the framing that provides the structure
for a floor. In most homes, floor joists are made
of 2-by-8s or larger lumber set on edge and spaced
16 inches apart, from center to center. |
judgment
The decision of a court or law. If a court decides
that a person must repay a debt, a lien may be placed
against that person's property. |
judicial foreclosure
A procedure to handle foreclosure
proceedings as civil matters. |
jumbo loan
Loans that exceed the conforming limits for mortgage
loans. In 2003 the conforming limit was set at $322,700
for first-time mortgages on single-family homes in
the continental United States, and at $484,050 for
those loans in Alaska and Hawaii. Fannie Mae and Freddie
Mac update the conforming limits on an annual basis. |
junior mortgage
A loan that is subordinate to the primary loan. |
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