New York Real Estate Glossary J
(J Factor - Judicial Foreclosure)
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Factor used by appraisers and investors to determine the changes needed
in operating income to obtain a desired rate of return. This factor
is determined after consideration of the location, rental, similar properties
and cost of maintenance.
Electrical wire in which a hook like bend in its end helps to shape
and fit it around an electrical terminal.
Another term for inching, which is the movement of a crane hook, bridge
or trolley when they are moved in short, jerky increments, such as stop
Used to indicate a common property ownership interest in real estate.
Indicates a shared liability in terms of a contractual relationship.
Joint and Several Liability
Situation wherein each borrower, on the same note, is held fully liable
for the entire amount of the debt, not just a portion. The creditor
may demand full repayment from any individual.
Gap between surfaces to be joined by welding, where the gap will help
ensure that the weld filler penetrates to the needed depth in the base
Two or more people sharing the responsibility of fulfilling the terms
of a debt.
More than one maker on a note where if one or more of the makers default
on the note, all of the makers are sued jointly, rather than just one
or all, to make restitution.
Ownership of real estate with two or more individuals having equal ownership
with, upon the death of one owner, the property is transferred to the
Equal ownership, by two or more people, each of whom has an undivided
interest, with the right of survivorship.
An agreement between two or more parties to invest in a specific single
business or property. Although not a continuing relationship, it is
treated as a partnership for income tax purposes.
Decision, by a court, that a party must repay a debt and a lien may
be placed against property owned by that party.
The party to whom the court awarded a financial judgment against a debtor.
The party against whom the court has placed a financial judgment.
Property of a defaulted borrower is sold under court order and the amount
received is ratified by the Court.