What is joint liability in SAP RE - Real Estate Management?

SAP Term: joint liability

• Component: RE

• Component Name: Real Estate Management

• Description: Land use management LUM An entry in section III of the land register that is made when parcels that jointly act as collateral for a debt are recorded in different land registers. The joint liability number identifies the other parcels in other land registers that also serve as collateral for the same debt.

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• Key Concepts: 
   Joint liability is a concept used in SAP Real Estate Management (RE) that allows two or more parties to be held responsible for a single debt or obligation. This means that if one party fails to fulfill their obligations, the other parties are still liable for the debt or obligation. 
  
  How to use it: 
   Joint liability can be used in RE when two or more parties are involved in a transaction. For example, if two people are buying a property together, they can both be held responsible for the mortgage payments. This ensures that if one person fails to make their payments, the other person is still liable for the debt. 
  
  Tips & Tricks: 
   When setting up joint liability in RE, it is important to ensure that all parties involved understand their obligations and responsibilities. It is also important to make sure that all parties have access to the necessary documents and information related to the transaction. 
  
  Related Information: 
   Joint liability is similar to co-signing, which is when one person agrees to be responsible for another person’s debt or obligation. However, joint liability is different in that all parties involved are equally responsible for the debt or obligation.