CANADIAN MORTGAGE GLOSSARY TERMS Here is a simple glossary of Canadian mortgage lending and finance related terms. To find the term you are looking for quickly, simply click on the letter below.
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
Joint AccountA bank account that is co-owned or held by two or more people who share equally in the rights and liabilities of the account.
Joint Credit
Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.
Joint Liability
When two or more people are responsible for repaying a single debt.
Joint Tenancy
When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
Joint Venture
An arrangement under which two or more people or businesses go into a single venture as partners. Priority is determined solely by date of registration.
Judgement
The official and authentic decision of a court of justices upon the respective rights and claims of the parties to an action or suit therein litigated and submitted to its determination.
Judicial Sale
A legal remedy available to a mortgagee when a mortgage is in default.
Junior Mortgage
A mortgage that is subsequent to the claims of the holder of a prior (senior) mortgage.