Co-Signor’s Rights? What Are the Property Rights of Co-Signors?

Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.

“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.