Home Buyers Glossary J

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

The joining of two or more people to conduct a specific business enterprise. On the one hand, a joint venture is similar to a partnership in that it must be created by agreement between the parties to share in the losses and profits of the venture. On the other hand, it is unlike a partnership in that the venture is for one specific project only, rather than for a con­tinuing business relationship.

 The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.

 A provision that may be included in notes, leases, and contracts by which the debtor, lessee, or obligor authorizes any attorney to go into court to confess a judgment against him or her for a default in payment. Also called a cognovit.

An equitable doctrine used by courts to bar a legal claim or prevent the assertion of a right because of undue delay or failure to assert the claim or right.