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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

J, K

Joint Ownership Agreement

An agreement made between two or more owners of the same property, defining their rights and responsibilities (e.g. recommended in the case of married owners of property)
See Equity sharing

Joint tenancy, or Tenants by the entirety

Ownership of real estate by two or more parties held jointly for life; if one of the owners dies, the survivor(s) inherit the property without reference to the deceased's will

Judgment

A decision or decree made by a court of law

Judgment lien

A claim against the real property of a debtor, as decreed by the court

Jumbo loan, or Non-conforming loan

A loan amount that exceeds the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; because such loan cannot be funded by these two agencies, it carries a higher interest rate

Junior mortgage, or Secondary mortgage

A mortgage whose claim to repayment is of lesser priority than another, previously recorded mortgage

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



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Real Estate Tips
Closing or Settlement >Handle Needed Repairs Early

There is a standard chain of events that occurs when an offer comes in on a home. After a meeting of the minds, the buyer often brings in a home inspector who may find a few items that need to be repaired. The real estate agent gives the homeowner a list of the requested repairs. What comes next?

In most transactions, the seller will take care of the repairs. Many sellers wait until the week before the closing to call someone to do the work, because they want to be sure that they are going to make it to the closing table before they spend money on repair work. If you are responsible for making repairs to a home you are selling, make sure you have the work done well in advance of the closing date by licensed professionals who will stand behind their work. If the work is done at the last minute and is incomplete or unsatisfactory, it could cause complications at the closing. You should provide the buyers with all the receipts and the names of the persons to contact in case there is a problem with the repairs.

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Real Estate Trivia
Q 
What is arguably the world's strangest (and most dysfunctional) kitchen?

A 
In 1998 the Kemper Museum of Contemporary Art in Kansas City first displayed a kitchen made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California.
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Grace and Lucas Miranda, REALTOR®, real estate agent and broker for Burbank, Sun Valley and North Hollywood, California home listings, property and land for sale - NUMBER1EXPERT

Grace and Lucas Miranda
The Miranda Team

Keller Williams World Media Center
401 South First Street
Burbank, CA 91502
Office: 818-239-3545
Fax: 818-239-3555
DRE#: 01275725
Office DRE#:: 01521876
Grace's Email: GraceMiranda@live.com
Lucas's Email: LucasMirandaRE@gmail.com

The Miranda Team at Keller Williams World Media Center is one of the highest producing real estate teams in this area. The team is composed of Grace Miranda, listing agent, and her son, Lucas Miranda, as the team’s buyer’s specialist. Grace and Lucas are consistent top producers serving areas that include Burbank, Glendale, Sun Valley, Shadow Hills, North Hollywood, Studio City, Toluca Lake, and surrounding communities. They serve a wide spectrum of clients from first time home buyers, entertainment industry clients, to equestrian enthusiasts and luxury properties. Their team combines attention to detail, integrity, professionalism, the highest service, as well as utmost discretion as they assist their clients in the process of selling and buying homes. Need to buy a home in the San Fernando Valley, Santa Clarita Valley, or the San Gabriel Valley? Call Lucas today to start the hunt for your perfect home at an amazing price! Need to sell a home in Burbank, Glendale, Sun Valley, Shadow Hills, North Hollywood, Studio City, Toluca Lake or surrounding areas? Give Grace a call to get your home sold quickly for top dollar. Grace also specializes in Short Sales, pre-foreclosure sales, and is certified as a Short Sale Specialist and an REO Specialist.

Equal Housing MLS REALTOR


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