Add this addition to the standard lease to legally transfer the terms of the lease to a non-convict co-signer. A personal real estate guarantee allows a tenant to guarantee a lease to someone else, the «co-signer» or the «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,» would be forced to pay for unfulfilled obligations. A co-signer is responsible for a tenancy agreement, as is the tenant. Add a co-signer contract to your lease agreement to prove that a co-signer has agreed to assume financial responsibility if the tenant is unable to pay. As a tenant with an unstable job or a bad/no credit, a co-signed contract shows your landlord that rents are guaranteed. As a landlord, it ensures that another party pays for rent and other costs if the tenant cannot pay. As a co-signer, she exposes your legal and financial responsibility for rent on behalf of a tenant. Your co-signature contract should contain information such as: Who is the owner; The (s) name (s) of the (s) tenant (s); When the original lease was signed; The location of the rental property The co-signer`s name, driver`s license and social security number; If the co-signer is responsible for extending or modifying the lease; and all other special provisions. Other names for this document: Co-Signer Agreement Form, Lease Co-Signer Agreement, AKA Guarantors: Frequently asked questions Whether you are a landlord or tenant, a co-lease is useful when it can ask the tenant`s financial situation. With the contract co-signed by a financially secure third party, the tenant and landlord have a guarantee that agrees to assume financial responsibility for the lease if the principal tenant cannot pay for any reason. Step 3 – Scroll through at the end of the document and enter Step 4 – The document is now separate from the tenancy agreement, and the tenant is personally responsible for the risk of delay.
Release of personal guarantee – Is executed after the conclusion of a rental agreement or if the guarantor must be released for another reason. Confidence of more than 2.3 million homeowners and property managers.