Residential Property Lease With Guarantor In California
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FAQ
Typically, a Guarantor Agreement is appended to the end of a lease agreement as an addendum. If, for whatever reason, you need to add a guarantor to a lease that has already been signed, be sure to have all tenants sign the agreement as well as the guarantor.
To qualify as a guarantor, you will need to provide the landlord with proof of income (such as paystubs), bank statements, and your Social Security number for a credit and background check. (If you are self-employed, you'll need to provide your tax returns from the past two years.)
Your Liability as a Guarantor If they fail to meet their obligations, creditors can pursue you directly for the debt. This can lead to lawsuits, credit damage, and financial loss, all because you agreed to help someone out.
A guarantor's form should include a space to fill in the home address, work address, phone number, and email address. The contact details are what will be used to contact the guarantor in the future if the principal fails to meet agreement terms. This is a very important feature of the guarantor's form.
How to Add a Guarantor to a Lease Talk With Tenant – Landlords should start by letting the tenant know that a guarantor is needed. Perform Background Check – After the tenant finds someone to co-sign, the landlord should screen the guarantor and conduct a credit check to verify their financial reliability.
A guarantor is typically someone with a strong financial background and excellent credit history who is willing to take on the responsibility of your lease. Some of the common choices for a guarantor include parents, family members, close friends, or even employers.
In this situation, as a guarantor, you are likely to be responsible for whatever any of the joint tenants owe the landlord, not just what the tenant you are helping may owe. You may also be responsible for any damage caused by other tenants, not just the one you're wanting to help.
