Clear definitions for the terms that matter when you're buying or owning a home together.
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Ability to Repay is the federal lending standard requiring lenders to verify that borrowers can afford a mortgage. In co-buying, each co-borrower's finances are evaluated individually.
The annual subscription providing a group full access to Co-ownerOS™ for governance, agreement management, and ongoing co-ownership operations.
A buy-sell provision is a contractual clause in a Co-ownership Agreement that defines the terms under which co-owners can buy or sell ownership shares.
A buyout is when one or more co-owners purchase a departing co-owner's ownership interest. It often requires refinancing if the departing co-owner is on the mortgage.
Capital contributions are the upfront financial investments each co-owner makes toward purchasing a property, including down payment, closing costs, and other initial expenses.
Cash to close is the total amount co-buyers must bring to closing, including down payment, closing costs, and prepaid items. Each party's contribution must be documented and sourced.
Closing costs are the fees and expenses due at settlement beyond the down payment. In co-buying, how these costs are split among co-buyers should be agreed upon before closing.
A co-borrower is a person who applies for and shares responsibility for a mortgage alongside other borrowers. Co-borrowers have both loan liability and often an ownership interest.
Co-buying is when two or more people who are not married to one another purchase a residential property together as a shared investment.
A co-buyer is an individual participating in the purchase of a residential property with one or more other parties who has not yet closed the transaction.
A co-owner is an individual who holds title to a residential property jointly with one or more other parties after the purchase transaction has closed.
CoBuy's software platform for co-buyers and co-owners — structuring shared homeownership from purchase through ongoing operations to exit.
Co-ownership is the state of jointly holding title to a residential property with one or more other parties who are not married to one another, after closing.
A legally binding contract that defines rights, responsibilities, finances, and exit terms for people who co-own a home together.
The Co-ownership Lifecycle is the full duration of a co-ownership arrangement, from initial planning through the purchase transaction, active co-ownership, and eventual exit.
A financial risk exposure tool that estimates the dollar cost of common co-ownership failures using court records and foreclosure data.
A co-signer guarantees a mortgage by assuming full repayment liability without holding an ownership interest in the property.
CoBuy is the platform that makes home co-ownership simpler, safer, and a smart investment across the full Co-ownership Lifecycle.
An affordability calculator that shows 2–4 co-buyers their combined purchasing power, individual shares, and total cost of ownership using live mortgage rates.
The structured assessment delivered upon completing the CoBuy Wizard — covering a group's co-buying eligibility, risk profile, alignment status, and concrete next steps.
CoBuy's structured intake and alignment tool — helping groups assess whether co-buying is realistic, surface risks, and get aligned before committing time or money.
A professional credential for real estate agents trained in co-ownership fundamentals, group dynamics, and the CoBuy ecosystem.
Community property is a legal framework in certain states where most assets acquired during marriage are owned equally by both spouses, regardless of who paid for them.
A deed is the legal document that transfers ownership of real property from one party to another. It records the names of all owners and their vesting structure.
In co-ownership, default occurs when a co-owner fails to meet obligations defined in the Co-ownership Agreement, such as missing mortgage payments or violating agreed terms.
Dispute resolution is the structured process in a Co-ownership Agreement for resolving disagreements—typically starting with negotiation, then mediation, and sometimes arbitration.
The document management feature within Co-ownerOS™ — providing multiplayer storage, authentication, version control, and blockchain-anchored verification for co-ownership records.
The down payment is the upfront cash portion of a home's purchase price not covered by the mortgage. In co-buying, how co-buyers split it affects ownership percentage and equity allocation.
A due on sale clause allows a lender to demand full loan repayment if property ownership is transferred without the lender's consent.
Earnest money is a deposit submitted with a purchase offer to demonstrate buyer commitment. Co-buyers must decide who funds it, how it's credited, and what happens if the deal falls through.
In the CoBuy framework, eligibility is a group-level financial feasibility classification that assesses whether a co-buyer group can realistically finance its stated plan.
Equity is the difference between a property's market value and what is owed on it. In co-ownership, each co-owner's equity is calculated based on their ownership percentage.
Escrow is a neutral third-party arrangement that holds funds or documents until contractual conditions are met. In co-buying, escrow manages funds from multiple parties during the transaction.
Estate planning is the process of arranging for the transfer of assets after death. For co-owners, it determines what happens to their ownership share and who inherits it.
An exit strategy is the predefined plan in a Co-ownership Agreement that governs how a co-owner can leave the arrangement through buyout, sale, or refinancing.
A first-time home buyer is commonly defined as someone who has not owned a home in the past three years. Each co-buyer's status is evaluated individually and may unlock different program benefits.
A forced sale is a contractual mechanism in a Co-ownership Agreement that requires the sale of a co-owned property when predefined conditions are triggered.
A fully underwritten approval means a lender has completed full verification of borrower finances and the property. It is the strongest form of mortgage approval before closing.
A gift letter is a signed document confirming that funds contributed toward a home purchase are a gift, not a loan. Gift letters may be needed when family members help fund the down payment.
Governance is the structured framework for decision-making, responsibility management, and operations over the life of a co-ownership arrangement.
An investment property is real estate purchased primarily to generate income or build wealth rather than as a primary residence. In co-ownership, property classification directly affects loan terms.
A joint mortgage is a home loan with two or more borrowers who share responsibility for repayment. All co-borrowers assume full liability for the debt.
Joint tenancy with right of survivorship is a co-ownership structure where all owners hold equal shares. When one owner dies, their share transfers automatically to the surviving owners.
Joint and several liability means each co-borrower is personally responsible for the full mortgage balance — not just their share. The lender can pursue any signer for the entire debt.
An LLC is a legal entity that can hold title to property. It offers liability protection but is generally incompatible with conventional residential mortgage financing for primary residences.
A Memorandum of Agreement is a recorded document that puts third parties on notice that a Co-ownership Agreement exists, without disclosing its full terms.
A household where two or more adult generations live together — often requiring distinct legal, financing, and governance structures when co-owning the home.
A non-occupant is a co-owner or co-borrower who does not live in the property as their primary residence. Non-occupant status affects mortgage terms, interest rates, and down payment requirements.
An occupant is a co-owner or co-borrower who lives in the co-owned property as their primary residence. Occupancy status affects mortgage eligibility, loan terms, and expense allocation.
An ownership share is a co-owner's percentage interest in a property as recorded on the deed. It determines equity allocation, sale proceeds, and governance rights.
Participation defines each party’s role in a co-ownership arrangement — who holds title, who is on the mortgage, who occupies the property, and what each contributes.
A partition action is a court proceeding where a co-owner petitions to divide or force the sale of jointly owned property. It is costly, adversarial, and typically avoidable with proper governance.
A pre-approval is a lender's preliminary assessment that a borrower is likely to qualify for a mortgage. For co-buyers, each co-borrower's finances are reviewed but full verification occurs later.
Pre-qualification is an informal lender estimate of how much a borrower might qualify for, based on self-reported information. It is less rigorous than a pre-approval and carries less weight.
A primary residence is the home where the owner lives most of the time. In co-buying, at least one co-borrower must typically occupy the property to qualify for primary residence loan terms.
Probate is the court-supervised process of administering a deceased person's estate. For co-owners, it determines how a deceased co-owner's share is transferred.
A promissory note is a legal document in which a borrower commits to repay a loan under specified terms. In co-ownership, all co-borrowers are typically bound by its terms.
The shared calendar within Co-ownerOS™ for tracking payments, renewals, servicing, governance actions, and milestones — with smart reminders and phase-aware filtering.
Refinancing replaces an existing mortgage with a new one. In co-ownership, it is typically required when a co-owner exits and must be removed from the loan.
A right of first refusal gives remaining co-owners the first opportunity to purchase a departing co-owner's share before it can be sold to an outside party.
Shared expenses are the ongoing costs of co-owned property—mortgage, taxes, insurance, maintenance—that co-owners split according to terms in their Co-ownership Agreement.
Tenants in Common (TIC) is a title structure where two or more people hold distinct ownership shares in the same property. Shares can be unequal and are independently transferable.
Title is the legal right to ownership of real property. In co-ownership, title defines who owns the property, in what shares, and under what vesting structure.
Vesting is the legal method by which title to real property is held. It determines each co-owner's rights, survivorship status, and ability to transfer their share.
In the CoBuy framework, viability is an alignment readiness classification evaluating whether a co-buyer group can reach and sustain consensus on core co-ownership decisions.