Glossary

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Joint Liability
Joint liability is a term used in reference to the contractual responsibilities of a home loan. Joint liability implies that there are two or more people who are obligated to fulfill the terms of the home loan. If a husband and wife sign the loan agreement, they are jointly responsible for repayment of the loan. As an additional example, if two family members gather their resources and invest in a home, both individuals are jointly responsible if they both signed the home loan contract. In the event that one person is not meeting his or her fair share of the monthly payments, the other person on the loan is still liable for the entire debt. In other words, both parties will be held jointly responsible for the entire amount of the loan and for the duration of the agreement unless one party is officially removed from the agreement under separate circumstances.