GLOSSARY OF TERMS - J
|JOINT AND SEVERAL LIABILITY: |
Liability enforceable against either or both parties.
|JOINT TENANCY: |
Ownership of real estate by two or more individuals with
right of survivorship. In a joint tenancy, the death of one of the owners does not
change the ownership unit other than to reduce the number of persons who jointly
own the property. The last survivor in a joint tenancy takes title in "severalty"
which is fully inheritable.
This Glossary of Commercial Real Estate Terms is provided for general understanding purposes. Readers should consult with their legal and/or accounting professionals for specific situations and questions. TM 1031 Exchange Inc. and its employees provide neither legal nor accounting services or advice.