Washington 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 in a lease agreement between a landlord and tenant. It establishes that the co-signer will be liable for the rent and any damages if the tenant fails to meet their obligations. This agreement is distinct from a standard lease as it adds an extra layer of security for landlords by involving a third party who guarantees the lease terms.
Form components explained
- Parties involved: Identifies the tenant, landlord, and co-signer.
- Property details: Specifies the address of the leased premises.
- Liability terms: Outlines the co-signerâs responsibility for rent and damages if the tenant defaults.
- Subleasing clause: States that the co-signer remains liable if the tenant assigns or subleases the property.
- Legal fees clause: Provides for recovery of attorney fees and costs in case of legal action.
- Signatures: Requires signatures from all parties, along with the date.
When to use this document
This form should be used when a landlord requires additional security for a lease agreement. It is particularly important in situations where the tenant's financial stability is uncertain. For instance, it is advisable to use this agreement if the tenant is a student without a steady income, or if the tenant has a poor credit history. This ensures that the landlord can collect rent or damages from the co-signer should the tenant fail to fulfill their obligations.
Intended users of this form
- Landlords seeking assurance on rent payment and property care.
- Tenants who may require a co-signer due to limited credit history or lack of income.
- Co-signers who agree to take responsibility for the lease terms.
Steps to complete this form
- Identify the parties involved: Clearly state the names of the tenant, landlord, and co-signer.
- Specify the property: Enter the complete address of the leased premises.
- Detail the agreement terms: Outline the liability terms including responsibilities of the co-signer.
- Include clauses on subleasing and legal fees to clarify expectations.
- Ensure all parties sign and date the agreement in designated spaces.
Is notarization required?
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.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
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.
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
- Failing to clearly identify all parties involved.
- Not specifying the property address accurately.
- Omitting important liability terms or clauses.
- Forgetting to obtain signatures from all parties.
Why complete this form online
- Convenience of accessing and downloading the form at any time.
- Editable format allows for quick personalization to suit specific agreements.
- Reliability of professionally drafted legal forms to ensure compliance.
Looking for another form?
Form popularity
FAQ
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.
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.
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.
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.
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.
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.
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.
