janitor
Care taker of a building. Generally associated with the maintenance of cleaning, locking up after closing, and minor repair work.

joint
Used to indicate a common property ownership interest in real estate. Indicates a shared liability in terms of a contractual relationship.

joint agent
Two or more agents jointly instructed by a principal to act on his behalf. In the case of estate agents this is normally on the basis that if any one of the agents effects the sale, letting or other disposition of the property, being the subject of the principal’s instructions, the other joint agent(s) will share the remuneration in agreed proportions.

joint and several
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.

joint sole agent
One of two or more agents jointly instructed as the only agents entitled to represent the principal. It is customary for the joint agents to share any commission earned on an agreed basis, irrespective of which agent effects the sale or letting.

joint tenancy
Equal ownership, by two or more people, each of whom has an undivided interest, with the right of survivorship.

joint tenants
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.

joint venture
An agreement between two or more parties to invest in a specific single business or property.

judicial foreclosure
Property of a defaulted borrower is sold under court order and the court ratifies the amount received.

judicial sale
The sale of a property made under the order of the court through a representative appointed by the court and not the owner.