Co-Signor’s Rights? What Are the Property Rights of Co-Signors?
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Summary
Generally speaking, co-signors have no property rights, but a lot of responsibility. |
“My question is can a co-signer for real property restrict the sale of the property if both names are on the propery mortage contract.”
Typically no. Further, if you have to end up making good on the debt because the primary loan-holder defaults, your only recourse will be to sue the primary loan-holder, while the bank can still end up with the property! Generally speaking, if you want to be able to exercise control over what happens to the property, you need to take title to the property jointly with the other party. Of course, this is all subject to the laws of your state, which may have non-standard rules regarding the rights of co-signors.
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For more on this subject check out these categories: Finances, Property, Real Estate, Property Rights
Anne P. Mitchell, Esq. is a noted family law expert, Internet law expert, and Professor of Law at Lincoln Law School of San Jose. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
