Leasing Co-Signer, Also Known as Guarantor: Frequently Asked Questions Add a co-signer agreement to your lease or lease agreement to prove that a co-signer has agreed to take financial responsibility if the tenant is unable to pay. As a tenant with an unstable job or poor credit history, a co-signer agreement shows your landlord that rents are guaranteed. As a landlord, he guarantees that another party rents and covers other costs if the tenant cannot pay. As a co-signer, it defines your legal and financial responsibilities for rent on behalf of a tenant. Your co-signer agreement should contain information such as: Who is the owner; the name(s) of the tenant(s); when the original lease has been signed; the location of the leased property; the name, driver`s licence and social security number of the co-signer; whether the co-signer is responsible for renewals or amendments to the lease agreement; and all other special provisions. Other names in this document: Co-Signer Agreement Form, Lease Co-Signer Agreement Add this addition to the default lease agreement to legally transfer the terms of the lease agreement to a non-resident co-signer. A personal property guarantee allows a tenant to have a lease guaranteed to someone else, the „co-signer“ or „guarantor“, if the tenant does not comply with his conditions. Therefore, if the tenant does not pay rent or breaks the lease for another reason, the person who co-signed, the „guarantor“, must pay all outstanding obligations. A co-signer is as responsible for a rental agreement as the tenant.
Release of personal guarantee – Is executed when concluding a rental agreement or if the guarantor has to be dismissed for another reason. More than 2.3 million homeowners and home managers Whether you are a homeowner or a tenant, a co-signing agreement is useful in rental situations if there are questions about the tenant`s financial situation. With the Co-Sign Agreement signed by a financially secure third party, the tenant and landlord have a safeguard that agrees to take financial responsibility for the lease if the primary tenant cannot pay for any reason. Step 4 – The document is now separated from the lease and the tenant is personally responsible for the chance of delay. Step 3 – Scroll to the end of the document and enter:. . . .