The cosigner is also sometimes be called a guarantor. A guaranty is a contract under which one person (guarantor) 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).
Co Signer Companies For Apartment For My Son
Category:
State:
North Carolina
Control #:
NC-831-11
Format:
Word;
Rich Text
Instant download
Description
This is a Landlord Tenant Lease Co-Signor Agreement for use by a landlord in contracting with a cosignor on a lease to be liable for rent, damage, etc., if the tenant fails to pay. Cosignor is thereby liable to landlord for payment of rent should tenant not fulfill his/her contractual obligation.
How to fill out North Carolina Landlord Tenant Lease Co-Signer Agreement?
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FAQ
Once they have found a co-signer, treat them as an additional tenant and have them fill out an online rental application, and run a screening report to ensure they are financially fit to be a co-signer.
To qualify as a cosigner, you'll need to provide financial documentation with the same information needed when you apply for a loan. This may include: Income verification. You may need to provide income tax returns, pay stubs, W2 forms or other documentation.
signer will need to have a good credit score, be able to prove their income, and show that they have the capacity to pay for the unit if needed on top of their own debts and payments.
Your Co-Signer Agreement should include information like: who is the landlord; the name(s) of the tenant(s); when the original lease was signed; the rental property's location; the co-signer's name, driver's license and social security number; whether the co-signer will be responsible for any lease extensions or ...
There's no definitive answer about whether co-signing a lease is right or wrong for you. It depends on your finances, relationship with the tenant, what you could afford to spend if the tenant doesn't pay, and how responsible the tenant is.
