South Dakota Landlord Tenant Lease Co-Signer Agreement
What this document covers
The Landlord Tenant Lease Co-Signer Agreement is a legal document that outlines the responsibilities of a cosigner alongside the tenant and landlord in a lease context. This agreement holds the cosigner financially accountable if the tenant defaults on rent payments or damages the property. Distinguishing itself from similar forms, it ensures that the landlord can seek compensation from the cosigner, known as the guarantor, if the tenant fails to meet their lease obligations.
Main sections of this form
- Date of agreement
- Names and addresses of tenant, landlord, and cosigner
- Property address being leased
- Terms regarding assignment or subleasing and cosigner's liability
- Legal proceedings and fee recovery provisions
- Signatures of landlord, tenant, and cosigner
Common use cases
This form is necessary when a landlord requires a cosigner for a lease agreement, typically in situations where the tenant has insufficient credit, is a first-time renter, or is unable to provide a strong financial history. It protects the landlord from potential losses and ensures that the landlord has additional recourse in the event of non-payment by the tenant.
Intended users of this form
- Landlords seeking financial security for their rental agreements
- Tenants who need a cosigner to qualify for a lease
- Co-signers agreeing to take responsible financial liability
Steps to complete this form
- Enter the date on which the agreement is made.
- Fill in the names and addresses of the tenant, landlord, and cosigner.
- Specify the complete address of the rental property.
- Review the terms regarding assignment and the cosigner's ongoing liability.
- Have all parties sign and date the agreement.
Notarization guidance
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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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 clearly identify all parties involved.
- Not specifying the property address accurately.
- Omitting necessary signatures or dates.
- Neglecting to review local laws that may alter cosigner responsibilities.
Why use this form online
- Convenience of immediate download and use.
- Editability allows for customization to fit specific lease terms.
- Reliability from templates drafted by licensed attorneys.
Legal use & context
- The agreement creates a legal obligation for the co-signer, making them responsible for tenant obligations.
- It is enforceable in court, allowing landlords to pursue claims against co-signers for unpaid rent or damages.
- Both the tenant's and co-signer's financial reputation can be affected by this agreement.
What to keep in mind
- The Landlord Tenant Lease Co-Signer Agreement protects landlords by holding co-signers responsible for tenant defaults.
- Clearly defined terms and obligations help prevent misunderstandings between parties.
- This form is critical for landlords requiring financial security from co-signers, especially with tenants with questionable credit histories.
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FAQ
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.
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.
Any adult can act as a cosigner provided they meet the landlord's qualifications. Often, tenants ask a family member or trusted friend to cosign for them. However, keep in mind that your cosigner will also have to submit an application and be put through a credit and background check.
It's common for apartment complexes to accept a co-signer on your rental application if you don't qualify on your own.
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.
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.
Sometimes, a landlord might require a co-signer in order to lease the apartment to you. This is usually the case if you have low income, poor or no rental history, or bad credit. For any of these situations, having a co-signer will give the landlord a lot more peace of mind about letting you rent the apartment.
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.
Co-signers have equal responsibility for payment of monthly rental costs, while a guarantor is generally sought for payment only when the primary signer is unable to make the rental payment.
