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Legal
Co-Borrower Agreement Template

Co-Borrower Agreement Template

A Co-Borrower Agreement is a legal document that outlines how multiple borrowers share responsibility for repaying a loan. It establishes each co-borrower’s payment allocation, reimbursement rights, default remedies and indemnification obligations while confirming that all borrowers remain fully liable to the lender.

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Co-Borrower Agreement defining internal payment allocation, reimbursement duties and shared loan responsibility

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Used 167 times

Frequently asked questions

Once executed, the agreement is retained by the co-borrowers for their personal and legal records. It is not submitted to the lender or filed with a government agency unless required by a court or related legal proceeding.
A Co-Borrower Agreement is used to define the internal rights and obligations of two or more co-borrowers who have jointly applied for or obtained a loan from a lender. This agreement clarifies how loan payments are allocated between the co-borrowers, sets reimbursement and indemnification obligations and addresses default responsibility. It expressly states that the agreement governs only the relationship between the co-borrowers and does not alter the lender’s rights, as each co-borrower remains jointly and severally liable for the full loan amount.
The agreement is completed by all co-borrowers. Each co-borrower provides identifying information, agrees on payment allocation percentages and signs the agreement to formalize their internal repayment arrangement.

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