Alexandoy
VIP Contributor
I have 2 friends who bought a lot and built a house. The title is under their names so they are co-owners. The house was built by a bank loan again, under their names which means they are both liable. After a few years the older partner died. The younger partner was worried because he would be left to pay the mortgage. That would be unfair to him since he owns only half of the property.
My advice is to ask a lawyer on the matter because from what I know when a spouse dies then the living spouse gets to inherit everything if there are not children. In their case, they are both single man with no heirs to speak of so my guess is that the property would belong to him. In a show of respect to his deceased friend he was paying the mortgage religiously while the issue is not resolved. Well, the lawyer said that I was right. When 2 parties purchase a property under their name it is assumed that they are co-owners and heir to the property.
My advice is to ask a lawyer on the matter because from what I know when a spouse dies then the living spouse gets to inherit everything if there are not children. In their case, they are both single man with no heirs to speak of so my guess is that the property would belong to him. In a show of respect to his deceased friend he was paying the mortgage religiously while the issue is not resolved. Well, the lawyer said that I was right. When 2 parties purchase a property under their name it is assumed that they are co-owners and heir to the property.
