New York Landlord Tenant Leases Guaranty Forms
Description
How to fill out New York Guaranty Or Guarantee Of Payment Of Rent?
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FAQ
A Guarantor form acts as a legal piece of insurance to typically protect the landlord against rental loss, damages and any ensuing legal fees that is incurred by a tenant. The Guarantor form is a legal contract enforcing the agreement.
Under the Landlord and Tenant (Convenants) Act 1995 (LTCA 1995), a lease cannot be assigned by a tenant to that tenant's guarantor, even if the guarantor agrees.
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.
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.
