South Dakota Landlord Tenant Lease Co-Signer Agreement
What this document covers
The Landlord Tenant Lease Co-Signer Agreement is a legally binding document used by landlords to establish a contractual agreement with a co-signer for a lease. This form ensures that the co-signer is responsible for the payment of rent and any damages if the tenant does not fulfill their obligations. Unlike a standard lease agreement, this form specifically addresses the role and responsibilities of the co-signer, who can also be referred to as a guarantor. This additional layer of security helps landlords mitigate financial risk in rental agreements.
Key parts of this document
- Agreement date and parties involved: Identifies the Tenant, Landlord, and Cosigner.
- Property details: Specifies the location of the leased premises.
- Liability terms: Outlines the co-signer's responsibilities in case of tenant default.
- Legal provisions: Includes terms regarding legal proceedings and recovery of costs.
- Signatures: Requires signatures from the Landlord, Tenant, and Cosigner, along with the date of signing.
Common use cases
This form is essential when a landlord requires additional assurance that rental payments and property care will be met. It is commonly used in situations where the main tenant may have limited credit history or income, and the co-signer is needed to bolster the tenant's application. Use this form any time a co-signer is involved in a lease agreement, ensuring that all parties clearly understand their obligations.
Who this form is for
- Landlords who want to protect themselves against tenant defaults.
- Tenants seeking to rent a property but needing a co-signer due to financial constraints.
- Co-signers agreeing to take on financial responsibility for a tenant's lease.
Steps to complete this form
- Identify the parties: Fill in the names of the Tenant, Landlord, and Cosigner.
- Specify the property: Enter the address of the leased premises.
- Enter the agreement date: Indicate the date on which the agreement is made.
- Review liability terms: Ensure all parties understand their obligations under the agreement.
- Obtain signatures: All parties should sign and date the form to finalize the agreement.
Does this form need to be notarized?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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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.
Common mistakes to avoid
- Not providing complete information for all parties involved.
- Failing to specify the property address correctly.
- Leaving out signatures or dates, rendering the agreement invalid.
- Not clearly explaining the co-signer's responsibilities.
Why complete this form online
- Convenience: Access and fill out the form from anywhere at any time.
- Editability: Make changes easily before finalizing the document.
- Reliability: Ensure compliance with current legal standards by using professionally drafted templates.
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.
