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).
Pennsylvania Landlord Tenant Leases Guaranty Without
Category:
State:
Pennsylvania
Control #:
PA-820LT
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Word;
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Description
This Guaranty or Guarantee of Payment of Rent contract is an agreement between a guarantor for the tenant and the tenant's landlord. The guarantor agrees to pay the rent if the tenant is not able to pay. The guaranty contract sets out the details of this agreement, the trigger for the guarantor's payment, etc.
How to fill out Pennsylvania Guaranty Or Guarantee Of Payment Of Rent?
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FAQ
Rent guarantors This is a person who agrees to pay the rent for you if you do not. Your guarantor would usually need to be a UK resident and own a property, and you will need their permission to use them as a guarantor.
The main reason landlords might require you to have a rent guarantor is because they feel there is a risk you might not pay your rent, on time and in full. Because of this, student tenants are typically required to provide a guarantor.
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.
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.
If you're dealing with a letting agent, you'll find that most of them will require their tenants to have a guarantor, but ultimately it is down to the Landlords discretion. If a landlord wants to take on tenants that doesn't have a guarantor on standby, they can do so at their own risk.
