North Carolina Landlord Tenant Lease Co-Signer Agreement
What is this form?
The Landlord Tenant Lease Co-Signer Agreement is a legal document that outlines the responsibilities of a co-signer, also known as a guarantor, in a rental lease. The purpose of this agreement is to ensure that the co-signer will be liable for rent, damages, and any other obligations if the tenant fails to fulfill their contractual duties. This form differs from typical lease agreements by specifically detailing the role and responsibilities of the co-signer.
Key components of this form
- Identification of the tenant, landlord, and co-signer.
- Description of the leased premises.
- Terms regarding liability if the tenant defaults.
- Provision for the co-signer's continued liability in case of assignment or sublease.
- Details regarding legal proceedings and attorney fees.
- Spaces for signatures of all parties involved.
Common use cases
You should use the Landlord Tenant Lease Co-Signer Agreement when a tenant needs a co-signer to secure a rental lease. This often occurs when the tenant has insufficient credit, lacks rental history, or does not meet the income requirements set by the landlord. The co-signer acts as a security to assure the landlord that they will receive payment if the tenant defaults.
Who can use this document
This form is intended for:
- Landlords who require additional security for lease agreements.
- Tenants who may not qualify for a lease on their own.
- Co-signers who wish to understand their legal obligations before signing.
How to complete this form
- Identify the parties involved: Enter the names of the tenant, landlord, and co-signer.
- Specify the property: Fill in the address of the leased premises.
- Review terms: Ensure all parties understand and agree to the liability terms.
- Sign the agreement: All parties must date and sign the document to make it legally binding.
- Store the document: Keep a copy for your records and provide copies to all involved parties.
Notarization guidance
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to include all necessary parties in the agreement.
- Not specifying or clarifying terms regarding liability for the co-signer.
- Inadequate review of the document before signing.
- Not providing copies to all parties after signing.
Why use this form online
- Convenience of accessing and completing the form from anywhere.
- Editability allows for adjustments before finalizing the agreement.
- Reliability of using attorney-drafted templates ensures legal compliance.
Main things to remember
- The Landlord Tenant Lease Co-Signer Agreement is essential for securing a rental lease when the tenant cannot qualify alone.
- It clearly outlines the responsibilities of the co-signer under the rental agreement.
- All parties must fully understand and agree to the terms before signing.
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FAQ
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.
Co-signing a lease means that a third-party individual like a parent, sibling or friend assumes the responsibility of the lease if the primary lessee is unable to do so. As a co-signer, this means that you'll be responsible for ensuring that the rent is paid and fulfilled.
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.
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.
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 parent, you may have the best intentions when co-signing for a child on a loan, a credit card or an apartment lease. But doing so opens you up to risk.If you can't absorb the expense without compromising your future financial security, you may want to think twice about co-signing for a loan.
Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.You will owe more debt: Your debt could also increase since the consignee's debt will appear on your credit report.
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.
