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Kentucky Guaranty Attachment to Lease for Guarantor or Cosigner

Kentucky Lease Guarantor Requirements For Renting An Apartment

Q: What is required of a guarantor?

To be a guarantor you&#039;ll need to be over 21 years old, with a good credit history and financial stability. If you&#039;re a homeowner, this will add credibility to the application.

Category:

Landlord Tenant - Guaranty

State:

Kentucky

Control #:

KY-841LT

Format:

Instant download

Description

This Guaranty Attachment to Lease for Guarantor or Cosigner is a document in which a third party "co-signs" a lease. This third party agrees to guaranty the payment of rent under the lease and obligates that third party to pay any unpaid rent for tenant.

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

A guarantor is usually a family member over the age of 18, who is in a strong financial situation. When a person agrees to become a guarantor, they will be responsible for paying the rent, if the tenant isn't able to pay. They will also have to pay for any damage to the property.

To be a guarantor you'll need to be over 21 years old, with a good credit history and financial stability. If you're a homeowner, this will add credibility to the application.

Guarantors are required to undergo the same background checks as the tenant they are representing so you can be satisfied that in the event the tenant defaults they are able to pay the rent owed on the tenants' behalf.

Being a guarantor for a rental property involves you vouching for the tenant. If the tenant is unable to meet their obligations under the tenancy agreement, you (the guarantor) will be legally bound to pay out either for overdue rent or damage to the property.

How much money do you need to earn to be a guarantor? Usually guarantors are expected to be making at least three times the annual rent price of the property in order to be accepted by the letting agent or private landlord.