What is the meaning of a guarantor on a lease?

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.

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Utah Guaranty Attachment to Lease for Guarantor or Cosigner

Guarantor On Lease Meaning

Q: Who can be my guarantor?

Almost anyone can be a guarantor. It&#039;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.

Q: Can someone be my guarantor?

Almost anyone can be a guarantor. It&#039;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.

Category:

Landlord Tenant - Guaranty

State:

Utah

Control #:

UT-841LT

Format:

Instant download

Description

This Guaranty Attachment to Lease for Guarantor or Cosigner is a document in which a third party "co-signs" a lease. This third party agrees to guaranty the payment of rent under the lease and obligates that third party to pay any unpaid rent for tenant.

A guaranty is a contract under which one person 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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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.

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.