When two or more people agree to take
on the same obligation (such as a loan), they may each be responsible
for a certain portion of the obligation or they may each be
responsible for the entire obligation. When the contract states
that liability is "joint and several", it means that
all parties together are responsible for the obligation ("joint")
but also that each party individually is responsible for the
entire obligation on their own ("several"). The creditor
may sue all of them or just one for the debt.
A contract between two or more people
who have an interest in the same piece of property which sets
out their respective rights and obligations with regard to
the property and also may set out the way in which the parties
agree to manage the property.
A way in which two or more people may
hold title to property together. Owning as joint tenants means
each owner has an equal right to the entire property, that
none of the owners may sell, bequeath or encumber their portion
of the property without the consent of the other owners and
that, in the event of the death of one of the owners, the
surviving owners automatically retain title to the entire
property by "Right of Survivorship". Compare with
"tenants in common".
See "joint tenancy".
:
A project which two or more persons
undertake together, sharing the cost, the risk and the reward.
JOINTURE:
Made in lieu of dower, a freehold estate
created in a property which lasts for the life of the widow
which takes effect upon the death of the husband.
A decision rendered by a court. If
a monetary award is involved, it may become a lien on property
owned by the losing party.
A party who, by virtue of a court decision,
is entitled to a monetary payment from another party.
A party who, by virtue of a court decision,
is required to make a monetary payment from another party.
A general lien which applies to all
property owned by a judgment debtor located in the county
where the judgment is recorded.
An enforcement action by a lender,
the act of selling the property to recover the mortgage debt
after obtaining judgment of a court.
A loan for more money than the Federal
National Mortgage Association and the Federal Home Loan Mortgage
Corporation will fund under its mandate.
A claim against property which is
behind at least one other lien in priority.
Slang term for extra fees charged by
a lender on a mortgage loan.
The extent of authority: 1) of a court
over a certain matter or person; 2) of a government organization
over a territory.
Payment of a fair and reasonable amount
for property taken from a private person by a government body.
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