A guaranty is a contract under which one person 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).
South Carolina Guaranty or Guarantee of Payment of Rent
Category:
State:
South Carolina
Control #:
SC-820LT
Format:
Word;
Rich Text
Instant download
Description
This Guaranty or Guarantee of Payment of Rent contract is an agreement between a guarantor for the tenant and the tenant's landlord. The guarantor agrees to pay the rent if the tenant is not able to pay. The guaranty contract sets out the details of this agreement, the trigger for the guarantor's payment, etc.
Definition and meaning
The South Carolina Guaranty or Guarantee of Payment of Rent is a legal document in which a third party, known as the Guarantor, agrees to be responsible for the rent payments owed by a tenant (Lessee) to the property owner (Lessor). This agreement provides the Lessor with an added layer of security, ensuring that rent will be paid even if the Lessee defaults. The Guarantor's responsibility encompasses the full rent amount for the duration of the lease, protecting the Lessor's financial interests.
How to complete a form
Completing the South Carolina Guaranty or Guarantee of Payment of Rent involves several key steps:
- Enter the date on which the agreement is made.
- Provide the names of the Lessor and Guarantor, along with their respective addresses.
- Fill in the name of the Lessee who will be renting the property.
- Specify the monthly rent amount to be guaranteed.
- Indicate the total amount for the entire lease term.
- Include the deadline for Lessee's rent payment and ensure clear understanding of the Guarantor’s obligations.
Once completed, the form should be signed by both the Lessor and the Guarantor, along with the date of signing.
Who should use this form
The South Carolina Guaranty or Guarantee of Payment of Rent is ideal for individuals or entities seeking additional security in rental agreements. This includes:
- Landlords who wish to protect their rental income.
- Tenants who may not have sufficient credit history or consistent income to secure a lease independently.
- Parents or guardians who want to support their children in renting property.
- Businesses looking to rent office or commercial space, needing a personal or corporate Guarantor.
Key components of the form
The South Carolina Guaranty or Guarantee of Payment of Rent includes several essential elements:
- Identifying Information: Names and addresses of the Lessor, Guarantor, and Lessee.
- Rent Amount: The monthly rent that the Guarantor is agreeing to cover.
- Lease Term: Duration of the lease that the Guarantor’s responsibility covers.
- Payment Terms: Details regarding how and when the Guarantor must pay rent in case of Lessee’s default.
- Signatures: The form must be signed by both the Lessor and Guarantor to be effective.
Benefits of using this form online
Utilizing an online platform for the South Carolina Guaranty or Guarantee of Payment of Rent offers numerous advantages:
- Convenience: Users can complete and customize the form from anywhere at their convenience.
- Time-Saving: Online forms can be filled out quickly without the need for printing or mailing.
- Accessibility: Users have immediate access to the latest legal templates crafted by licensed attorneys.
- Guidance: Many platforms provide step-by-step instructions to ensure accuracy and compliance.
How to fill out South Carolina Guaranty Or Guarantee Of Payment Of Rent?
Creating documents isn't the most straightforward task, especially for people who almost never work with legal papers. That's why we recommend using correct South Carolina Guaranty or Guarantee of Payment of Rent templates made by skilled lawyers. It gives you the ability to prevent troubles when in court or handling formal institutions. Find the files you want on our website for top-quality forms and exact descriptions.
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- Make certain that the document you found is eligible for use in the state it’s needed in.
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FAQ
It's very common for a guarantee to last as long as the tenancy lasts. So, if the tenant remains in the property for four years, you will continue to be responsible for any arrears or damages during that entire period. Most tenancies will run for a fixed term and will then continue on a month-by-month basis.
While a co-signer is responsible for the rent at the moment it is due, a guarantor only has to pay once the person on the agreement fails to do so. A guarantor won't have any right to live in the apartment "because you are only going to be liable for anything if the tenant stops paying," says Cohen.
What is a Personal Guarantee? A personal guarantee is a written promise from a guarantor (business owner or other person) guaranteeing commercial lease payments in the event the business does not pay. In the event of non-payment the landlord can go after the guarantor personally for payment.
Rolling guaranty: this can be a 12 month, 24 month or some other number of months, rolling guaranty. It means that the total exposure is the number of months regardless of how many months are remaining in the lease (unless the remaining months are less than the rolling months.
A guaranty of lease is a covenant by the guarantor to be responsible for the obligations of the tenant.In these examples, a selective landlord would not enter into the lease without the tenant offering a creditworthy guarantor.
When The Lease Is Up When having a guarantor on the lease, the best way to be able to have him removed as soon as possible is to set a good payment record with the landlord.
The Court finds that the Guaranty is not an executory contract and hence the Motion is denied as to the Guaranty.
Another form of limited guarantee is sometimes referred to as a floating guarantee, which means that you are personally responsible for a certain sum of money or a certain number of months rent after a default. For example, your liability might be capped at one year's rent.
