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 Apartments For Lease
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
Cosigning for an apartment may have no impact on your credit at all. If the landlord doesn't check your credit report when you apply, the lessee pays their rent on time and the landlord doesn't report rent payment to the credit bureaus, you're not likely to see any changes to your report.
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.
A cosigner can be a person who lives in the apartment, such as a roommate or partner, but they can also live elsewhere and simply step up financially if you fall short. A cosigner will need to meet a few general qualifications, including: A good credit score, usually a score of 720 or above.
The cosigner is a party with an established financial history who agrees to back up one or more tenants on the lease. They function as a safety net for the landlord. If the other people named in the lease can't make rent or cause damages they can't afford to repair, the cosigner has agreed to pay instead.
The co-signer would be responsible for all unpaid rent, and any other charges the account incurs. The application fee is outlined in the property listing and is charged for each applicant and each co-signer.
