What are the rights and liabilities of the co-signer and co-owner?

A co-signer accepts equal responsibility for the debt in the event the primary borrower fails in their obligation to pay. Being a co-signer will definitely impact a credit score. A co-signer generally has no ownership claim to any property that is involved. A co-owner actually owns a portion of any property, to the extent the state laws and the Wording of the title/deed allow. A co-owner will not always be responsible for the debt itself.