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

Insurance >Home Warranty Benefits

Home warranty policies are available to both homebuyers and sellers. What are the advantages of purchasing one?

As the buyer, a home warranty can save you money. If the refrigerator stops working during a hot spell shortly after you move in, it will be fixed or replaced under the warranty at a fraction of the cost of buying a new refrigerator. If you are buying an older home, you might ask the seller to provide a one-year warranty as an incentive. The warranty will protect you from major expense if the plumbing suddenly fails or the roof starts leaking.

As the seller of an older home, you can understand how the warranty can make your home more attractive if you put yourself in the buyer's shoes. The warranty relieves the buyer of concern that they will have to spend thousands to repair a major system that breaks down unexpectedly. It also relieves you of anxiety that the buyer will sue you for failing to disclose a material defect. The warranty only costs a few hundred dollars and can be paid for when the transaction closes.

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Real Estate Trivia

Q	What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?
A	Real Estate--it goes through cycles, but still has a long-term record of strong investment return.
See More Real Estate Trivia >

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Rhonda Mortensen Long & Foster Real Estate Inc. Bethesda Gateway Office 4650 East West Highway Bethesda, Maryland 20814 Office: 301-907-7600 Home: 301-585-1180 Toll Free: 800-762-0294 Fax: 301-907-6610 Email: rhondamortensen@NUMBER1EXPERT.com Email: rhondamortensen1@gmail.com Together we will work as a team to buy the perfect house or sell your current home. My role is to listen and understand your needs, wants, requirements and timelines with 100% clarity. Then, with my market expertise, we will develop a solid plan of action. Rest assured, I will be in contact with you daily with new leads so that we can move swiftly against timelines. I will be available to you at all times via phone, email or in-person – whichever style of communication you prefer. Contact me now!

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