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).
Michigan Landlord Tenant Lease Co-Signer Agreement
Category:
State:
Michigan
Control #:
MI-831-11
Format:
Word;
Rich Text
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.
Definition and meaning
A Michigan Landlord Tenant Lease Co-Signer Agreement is a legal document in which a co-signer guarantees the obligations of a tenant in a lease or rental agreement. This agreement ensures that the co-signer will be responsible for the tenant's financial obligations, such as unpaid rent and damage costs, should the tenant fail to meet their responsibilities.
How to complete a form
Completing the Michigan Landlord Tenant Lease Co-Signer Agreement involves several key steps:
- Fill in the date the agreement is being signed.
- Provide the full names of the tenant, landlord, and co-signer.
- Specify the premises address where the lease is applicable.
- Attach a copy of the original lease or rental agreement.
After completing these steps, all parties must sign and date the agreement to make it legally binding.
Who should use this form
This form is ideal for landlords and tenants in Michigan looking to establish a co-signer relationship. It is particularly useful when:
- The tenant has limited credit history or insufficient income.
- The tenant wishes to rent an apartment or home but requires additional security for the landlord.
- The co-signer is willing to take on financial liabilities associated with the lease.
Key components of the form
The Michigan Landlord Tenant Lease Co-Signer Agreement includes several important components:
- Identification of Parties: Full names and addresses of the tenant, landlord, and co-signer.
- Lease Reference: Details about the original lease agreement including date and address.
- Liabilities: Description of obligations and conditions under which the co-signer is liable.
- Termination Clause: Conditions under which the co-signer's obligations can be terminated.
Common mistakes to avoid when using this form
When completing the Michigan Landlord Tenant Lease Co-Signer Agreement, be mindful of the following common mistakes:
- Failing to attach the original lease agreement.
- Not including all necessary parties to the agreement.
- Incorrectly identifying the premises address.
- Not signing and dating the agreement or allowing all parties to sign.
Addressing these issues can help ensure the agreement is enforceable.
Benefits of using this form online
Using the Michigan Landlord Tenant Lease Co-Signer Agreement online offers several advantages:
- Convenience: Users can fill out and download the form from the comfort of their home.
- Accessibility: Forms are available 24/7, allowing for completion at any time.
- Expert Drafting: The form is drafted by licensed attorneys, ensuring it meets legal standards.
- Cost-Effective: Downloading the form eliminates the need for legal consultation for straightforward co-signer agreements.
How to fill out Michigan Landlord Tenant Lease Co-Signer Agreement?
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FAQ
According to Nolo, a cosigner is a person designated to make the rental payments if the tenant does not pay.However, if a lease doesn't have this provision, then the only people who need to sign the lease are the people responsible for paying the rent.
As a general rule, unlike so many things in life, co-signing is pretty much forever. In the case of a lease, this means that the co-signer is responsible for the lease for the duration of the agreement, whether it's a six-month lease, a yearlong lease or for some other period.
Be aware, however, that your roommate would need to be the cosigner for the entire lease, not just your half of it. They might earn enough to secure their half of the rent, for example, but maybe not enough to cosign yours, too.If your landlord and local government allow it, your roommate could sublet you a bedroom.
A co-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.
Some landlords agree to consider cosigners as long as they pass a background check, while other landlords don't allow them at all. Since there are no laws that require you to accept a cosigner, according to RentPrep, it's up to you to determine what makes the most sense for your property.
If you are signing a new lease to include the new person, the landlord can alter the terms and you must decide whether you are willing to sign the revised lease agreement.
As a cosigner on a lease, you're not only helping someone out, you're taking on a ton of risk. For instance, if the lease holder doesn't make their payments on time, it will negatively affect your credit report and credit score.
Ask the owner whether he allows for co-signers. Schedule a meeting with the owner and your co-signer. Sign the lease or rental agreement once the co-signer passes the property owner's requirements. Ask the landlord whether he objects to another tenant moving into the home.
Leasing companies typically have higher credit score requirements, so borrowers with poor credit generally have better chances of working with a bad credit lender for a car loan. Leasing is usually reserved for borrowers with good credit, but a cosigner could give you the boost you need to get into a lease.
