The answer

The lender's documents control, and co-borrowers are commonly jointly and severally responsible, meaning a private 50/50 understanding may not cap the lender's claim against either borrower at half. A title transfer or relationship agreement also does not release a borrower unless the lender approves and documents the release.

Calgary-specific context

Test payment shock and one-person non-payment using the actual mortgage commitment, not the ownership percentage.

What to do next

Ask the lender and lawyer to explain liability, default, credit reporting, refinance and release in writing.

Related guides

Title, financing, contribution, and exit guideCalgary Co-Buying and Shared Home OwnershipA source-linked Calgary decision system for friends, siblings, parents and adult children, unmarried partners, spouses, investors, guarantors, and existing co-owners coordinating legal and beneficial ownership, Alberta title form, unequal deposits, mortgage liability, occupancy, expenses, improvements, tax, wills and incapacity, conflict, buyout, refinance, sale, default, death, separation, and court-risk fallback.Decision playbookCalgary Co-Buying and Shared Ownership PlaybookCalgary Co-Buying and Shared Ownership Playbook for Calgary friends, siblings, parents and adult children, partners, spouses, investors, guarantors, and existing co-owners considering a shared purchase, operation, buyout, refinance, sale, or dispute: Choose whether to co-buy, restructure the people or financing, document unequal contributions, delay until an agreement is signed, refinance, buy out, sell, mediate, seek legal relief, or walk away before shared liability becomes irreversible.Interactive toolCalgary Co-Buying and Shared Ownership Decision PlannerPressure-test a Calgary co-purchase or existing shared home across people and roles, independent advice, title and beneficial ownership, unequal deposits, mortgage liability, occupancy, expenses, improvements, tax, estate and incapacity, conflict, default, buyout, refinance, sale, and court-risk fallback before anyone relies on an informal understanding.

Verify before relying

Official sources for this topic

These sources explain the rules and records relevant to this topic. Check the current requirements for your property.

Alberta land titlesOfficial land-title system and registered-interest context.Alberta land title ownership registrationCurrent Alberta transfer, mortgage, discharge, registration-levy, forms, and legal-advice pathway.Alberta Land Titles tenancy manualOfficial Alberta Land Titles procedure explaining joint tenancy, tenancy in common, severance, undivided interests, and registration requirements.Alberta Land Registry glossaryOfficial definitions for owner tenancy, tenancy in common, title, transfer, transmission, trust, and other Alberta land-record terms.Alberta surviving joint tenant declarationOfficial Alberta pathway for removing a deceased joint tenant and registering the surviving title interest.Alberta family property for unmarried partnersOfficial Alberta overview of Family Property Act rules and agreements for adult interdependent partners.Alberta Law of Property ActRead the current official guidance and confirm what applies to your property.CRA principal residence folioCurrent CRA interpretation of ownership, beneficial ownership, joint ownership, ordinary habitation, family-unit limits, changes of use, and principal-residence designation.CRA rental property co-ownershipCurrent CRA distinction among rental-property co-owners and partners and the reporting implications of each arrangement.CRA co-ownership and partnership factorsCurrent CRA factors distinguishing direct co-ownership from a partnership carrying on business.CMHC PurchaseCurrent CMHC insured-purchase product context for eligible borrowers, down payment, owner occupancy, property and lender underwriting.FCAC mortgage pre-approvalOfficial federal guidance on mortgage pre-approval, documents, rate holds, costs, and why pre-approval is not final approval.Alberta purchasing a homeOfficial Alberta consumer guidance on purchase agreements, deposits, financing terms, inspections, title, RPR context, lawyers, and condo documents.Law Society of Alberta lawyer directoryOfficial Alberta directory for checking lawyer status and searching by location, practice area, language, and other criteria.RECA consumer informationAlberta real estate consumer guidance.

Check the current information at the linked source. Ask the appropriate professional how it applies to your property.

Important

This is general information, not legal advice. Speak with a qualified lawyer about your specific situation.

RELATED GUIDES / Buying & financing

Check your financing for the specific property.

A pre-approval is not final financing. Confirm the property, appraisal, insurer, cash to close and lender conditions before deciding whether to remove a financing condition. A planning score cannot authorize a purchase.

Official verification: FCAC: getting pre-approved for a mortgage ↗

Affiliated network resources provide context. Confirm rules, approvals and property records with the responsible authority.