Real Estate Glossary, Abbreviations, Terms, and Phrases

Joint Tenancy 
A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner's share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint  tenants without the delay and costs of probate. Contrast with tenancy in common. 

Judgment 
The official and authentic decision of a court of justice concerning the respective rights and claims of the parties to an action or suit.