Real Estate Glossary

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Joint tenancy
Property owned by two or more persons with equal and undivided interest and ownership and the right of survivorship. If one owner dies, the property automatically passes to the others.

Court decree stating that one person is indebted to another. Also specifies the amount of the debt.

Junior mortgage
Any mortgage, such a second or third mortgage on a property, which is subordinate to the first one in priority.

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