A land title can have more than one registered owner but it won't be able to reflect the percentage of ownership. The ownership matter should be governed under separate contract between the owners. Unless the titles (assuming more than one here) are amalgamated and divided again to the intended portion by each parties which in this case each party will just own their respective piece.

Fom the bank's perspective, when the loan defaults, it will have rights to go againt each and every of the borrowers, which in your case I pressume both you and your friend are the joint borrowers, regardless who (you or your friend) is unable to pay (note: put aside whether the bank in the first place is comfortable in granting the loan to 2 person who have no blood or biz relationship). You may have contract with your friend to stipulate the share of the sales proceeds (including the circumstances whereby the land is being auctioned but still with surplus left after paying off the loan, legal fee and other necessary expenses). But the problem to your situation is it could be hard to prove who have defaulted / not paying the loan and thus the party who have defaulted shall get a lesser share of the sales prceeds (if I interpret your intention correctly).

My advise is, go to seek proper legal advice if your are serious with your venture.

SNP is a contract between the buyers and the vendor. The arrangements between the buyers and how they resolve their dispute is not part of the SNP. Hmm... couldn't agree that SNP is like an insurance - both are vey different.

Yes boss, you are right. Thanks for correction.