Guarantor On Lease Meaning
Description
How to fill out Utah Guaranty Attachment To Lease For Guarantor Or Cosigner?
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FAQ
Almost anyone can be a guarantor. It's often a parent or spouse (as long as you have separate bank accounts), but sometimes a friend or relative. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.
A guarantor must have superior credentials which include an excellent credit score, and at least double the normally required income. A guarantor must fill out an application, provide income documentation, have their credit pulled, and sign your lease.
In essence, a co-signer takes on more financial responsibility than a guarantor does as a co-signer is equally responsible from the onset of the agreement, whereas a guarantor is only responsible once the primary party to the contract fails to meet their obligation.
Almost anyone can be a guarantor. It's often a parent or spouse (as long as you have separate bank accounts), but sometimes a friend or relative. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.
A guarantor is responsible for the rent and any other charges incurred during the lease term if the tenant cannot pay. However, this individual doesn't live at the property or have a right to occupy it. A cosigner, on the other hand, is a roommate or spouse of the tenant that lives in the apartment.
