Real Estate Glossary | What is Joint Liability??

Q: What is Joint Liability?

The responsibility of two or more parties for the repayment of a debt. In the context of real estate, joint liability can refer to a situation where two or more people are on the loan or mortgage for a property and are both responsible for repaying the debt. This can be useful for those who are not able to qualify for a loan on their own, but it can also come with risks, as if one person defaults, the other person is still liable for the full debt.

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