Tenancy Rental Lease With Cosigner
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FAQ
Co-signer Agreement Contract The Co-signer agrees to payment of rent and to the fulfillment of other responsibilities of the tenant to ________________________________________ under the tenancy agreement. This may include but is not limited to unpaid rent or late charges, and damages to the Leased Premises.
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 ...
The co-signer remains on the hook for as long as you are there or until there is a written and signed agreement by all parties to the original lease that removes the co-signer.
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.