Does co-signer name go on lease?

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.

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Agreements - Agreement Forms
Utah Landlord Tenant Lease Co-Signer Agreement

Cosigner Lease Agreement Form

Q: What does cosigning a lease mean?

When you cosign on a lease, you&#039;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&#039;re cosigning with pays their rent.

Category:

Landlord Tenant - Leases - Guaranty

State:

Utah

Control #:

UT-831-11

Format:

Instant download

Description

This is a Landlord Tenant Lease Co-Signor Agreement for use by a landlord in contracting with a cosignor on a lease to be liable for rent, damage, etc., if the tenant fails to pay. Cosignor is thereby liable to landlord for payment of rent should tenant not fulfill his/her contractual obligation.

The cosigner is also sometimes be called a guarantor. A guaranty is a contract under which one person (guarantor) 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).

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How to fill out Utah Landlord Tenant Lease Co-Signer Agreement?

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FAQ

Have your co-signer fill out a rental application and submit to a credit check. To co-sign for you, he will have to complete the application process and demonstrate that he is creditworthy. If he passes the rental application and credit check, he will need to sign the lease agreement as your co-signer.

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.

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.

According to Nolo, a cosigner is a person designated to make the rental payments if the tenant does not pay. They sign their name to the lease agreement and are held fully responsible for rent if the tenant stops paying rent.

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.