Posted on: 08th Jun, 2009 06:04 pm
Hi, My broher and I are in the process of buying an investment property. He is listed on all the documents as the borrower. I am listed as the co-borrower. My question is this: Does my brother have any advantages over the property being that he is the primary borrower? Will I be able to get the same credits as he? And will he be able to do anything with the property without me knowing?
BK28,
Welcoem to the forum.
Congratulations on your purchase.
You and your brother both will have the same responsibility on the loan. Make sure your name is on the title.
Your brother will not have any advantage over you, in terms of property and he willnot be able to sell it with out your signature and approval as logn as your name is on the deed.
Good luck and feel free to ask
Welcoem to the forum.
Congratulations on your purchase.
You and your brother both will have the same responsibility on the loan. Make sure your name is on the title.
Your brother will not have any advantage over you, in terms of property and he willnot be able to sell it with out your signature and approval as logn as your name is on the deed.
Good luck and feel free to ask
Hi BK,
What Realgeni has said is right. As a co-borrower, you are equally responsible for the loan. But being a co-borrower does not mean you have a right to the property. You have to be on the title to have an interest in the property. Thus, if you have your name on the title, your brother cannot sell your house or take any property-related decision without your consent. But if you are only on the loan, and not on the title, you are responsible only for the loan, not for the property.
What Realgeni has said is right. As a co-borrower, you are equally responsible for the loan. But being a co-borrower does not mean you have a right to the property. You have to be on the title to have an interest in the property. Thus, if you have your name on the title, your brother cannot sell your house or take any property-related decision without your consent. But if you are only on the loan, and not on the title, you are responsible only for the loan, not for the property.
you will be equally answerable for the loan payment. ensure that your name is on the title deed as well