Joint And Several Liability
Definition of "Joint and several liability"
Two or more people have a legal duty that can be enforced against them by joint action, against all members, and against themselves as individuals. For example, a bank can require repayment from any and all of those who have borrowed to buy real estate property. each borrower is responsible for the entire debt, not only the percentage share.
Popular Real Estate Terms
Reduction of part of the balance of property by charging an expense or loss account. The reason for a write-down is that some economic event has occurred indicating that the asset's value ...
Second layer of flooring material placed over the rough flooring or flooring planks in a structure. The finish floor is a polished floor often made oak or other hardwood materials. ...
Largest form of owner ship giving the owner complete control including the development off an inheritable estate. ...
Lien which is over and above a first lien. A second lien is subordinate to the first lien and can be satisfied only after the initial lien is satisfied. ...
Use of borrowed funds to enhance expected returns. It is anticipated that the investment will earn a return exceeding the after-tax cost of borrowing. ...
Form used to record information about a credit applicant's ability to meet his obligations in connection with a real estate purchase. ...
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Funds earned by the contractor for construction activity but held back by the owner of the property until the job is finished to a greater degree. This provides the contractor with an ...
The floor of a building closets to the building grade. Normally, the ground floor of a building is the first floor. A ground floor can sometimes be located between the first floor and the ...
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