Apartment Lease With Cosigner
Description
How to fill out Agreement To Lease Condominium Unit - Condo Rental?
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FAQ
Like a guarantor, a cosigner can be a family member or friend. They also sign the lease agreement, but a cosigner's financial responsibility starts right away, typically splitting the monthly rent with the primary tenant and occupying the apartment. So, if you want a roommate and help with the rent, choose a cosigner.
When you cosign on a lease, you're making a legal promise to uphold the terms of the lease and to pay rent if the lessee does not. As a cosigner, your credit could be affected whether or not the person you're cosigning with pays their rent. This uncertainty makes cosigning for an apartment risky.
Because co-signing is really also-signing, the property manager can come after both of you in cases of delinquency or default. With apartment leases this means if the tenant stops making payments, defaults on the lease, or leaves a damaged unit after they move out, both signers are on the hook for payments.
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.
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 ...