Consumption and Real Estate
If you and your friend Bob bought a building together, is he obligated to pay monthly bank loans?
Question : If you and your friend Bob bought a building together, is he obligated to pay monthly bank loans?
So, if my friend Bob and I bought a shopping center together, and on the contract, it says he has 50% of the share, and I have the other 50%, legally, does he have an obligation to pay for 50% of the monthly bank loans? Is there law stating that?
building loans
Best answer:
Answer by Michael T
Only if it is stipulated in the contract such as all expenses for the shopping center shall be shared equally by each including loans made by either or both.
You should always have a good attorney draw up the contract to protect yourself.
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#2 written by acermill 1 year ago
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There is no law covering this, between the two of you it is whatever your contract states for payments. Stating shares is not the same as payments. he could have easily paid his share up front.
As far as the bank is concerned you can each be help liable for 100% of any loans. They will go after both of you until they have their money from one. Both credit histories will be toast.