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Co-signing VS co-ownership

this would be of a house.
in your opinion is there a difference?

Answer Question
 
hibbingmom

Asked by hibbingmom at 5:02 PM on Mar. 24, 2013 in Money & Work

Level 35 (71,876 Credits)
Answers (6)
  • A co-signer is just someone who agrees to take responsibility for the payment if they have to. A co-owner has rights to the property and pays part of the payment every month. At least that is my understanding.
    kmath

    Answer by kmath at 5:14 PM on Mar. 24, 2013

  • It would depend on who it is for. If it were for a child I would co-sign, but a long term partner I would co-own because if something were to happen you would have rights to stay in the property.
    amandajoy21

    Answer by amandajoy21 at 5:19 PM on Mar. 24, 2013

  • Yes, co-owner is an owner along with someone else. Co-signer says they will be responsible if the owner defaults in some way. He/she would not be an owner......even if they have to pick up the payments.
    silverthreads

    Answer by silverthreads at 5:20 PM on Mar. 24, 2013

  • Yes. The difference is whether or not they are on the deed. But you may have a harder time funding a lender since many wont write mortgages where a cosigner is not an owner (because there's less reason for them to pay to keep it current since they have no interest in it)
    missanc

    Answer by missanc at 5:32 PM on Mar. 24, 2013

  • Co-owner has rights and use of the house, co-signer only agrees to take on the debt if the owner defaults. So, basically, the big difference is that a co-owner gets a house out of the deal, and a co-signer gets all of the debt with none of the fun.
    wendythewriter

    Answer by wendythewriter at 6:58 PM on Mar. 24, 2013

  • Co-owners of a house have rights to profit when the house is sold. Co-signers typically only have responsibility for the debt if the owner defaults, but no rights to the property unless they win those rigts from the owner in court.
    Ballad

    Answer by Ballad at 9:59 PM on Mar. 24, 2013

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