A co-mortgagor is an individual who signs a mortgage contract along with other parties, making them jointly responsible for repaying the loan and often granting them part ownership in the encumbered property.
Joint ownership refers to a property ownership structure where two or more individuals hold title to a property collectively. This structure can have various legal implications, depending on how the ownership is defined and agreed upon among the parties.
Explaining the term 'severally' in the context of real estate transactions, which refers to individual or separate ownership or responsibility.
Undivided interest refers to a form of property co-ownership where each owner has a share of the whole property without having exclusive rights to any specific part of it.
