Canadian Financial, Real Estate and Mortgage Glossary

jack and jill bathroom — Definition

A bathroom shared by two bedrooms.

joint account (J/A) — Definition, Important

A bank account owned by two or more persons who share equally in the rights and liabilities of the account.

joint and survivor annuity — Definition

An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.

joint credit — Definition

Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties.

joint liability — Definition

The responsibility of two or more people to repay a debt

joint tenancy — Definition

When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.

joint venture — Definition

A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.

joint venture accounting (JVA) — Acronym

jointly-owned property — Definition

A property held in the name of more than one person.

judgement — Definition

A determination by a court of law or a judicial decision.

junior mortgage — Definition

A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.