Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Tenancy:
This is a form of ownership or taking title to property which
means each party owns the whole property and that ownership is
not separate. If one party dies, then the survivor owns the property
in its entirety.
Judgment:
Judgment is a decision which is made by a court of law. In judgments
that require the repayment of a debt, the court may place a lien
against the debtor's real property as collateral for the judgment's
creditor.
Jumbo loan:
Jumbo loan means a loan that exceeds Fannie Mae's and Freddie
Mac's loan limits, which is currently at $227,150. This is also
known as a nonconforming loan. Freddie Mac and Fannie Mae loans
are referred to as conforming loans.
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