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signer is a third party who is responsible if you are unable to pay rent. This person does not typically live in the apartment with you, but he or she is equally liable for your lease.
Create your state-specific lease agreement outlining the terms of the cosigner and the responsibility of each party and add both parties to the lease agreement. Get all parties to sign so the lease agreement is legally binding. Make sure they both understand when and how rent should be paid every month.
Create your state-specific lease agreement outlining the terms of the cosigner and the responsibility of each party and add both parties to the lease agreement. Get all parties to sign so the lease agreement is legally binding. Make sure they both understand when and how rent should be paid every month.
If a potential renter has a low income, zero rental history or bad credit, the landlord might require them to have a co-signer on the apartment lease. As a co-signer, you don't have to live in the apartment but your name will be on the lease and you'll be legally obligated to follow the terms of the lease.
How Cosigning for an Apartment Affects Your CreditThe landlord could report late payments. Some landlords report monthly rental payments to the credit bureaus, which means your payment history could take a hit if the lessee pays rent late.The debt could go to collections.An inquiry could appear on your report.