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Most terms and definitions have been provided by:http://realestateglossary.internetcrusade.com
JOINT AND SEVERAL LIABILITY
A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses.
A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession.
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.
A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.