This is a sample Lease Guaranty. A lease guarantee is a legal agreement between a landlord, a tenant, and a third party approved by the landlord. This third party is called a lease guarantor. Like a cosigner on a consumer loan, the lease guarantor agrees to be responsible if the tenant defaults on the rental agreement.
Yes, usually your guarantor needs to be at least 18 years old. It’s the law, so keep that in mind when asking someone.
Typically, once a lease guaranty is in place, it stays there until you move out or the lease is up. You generally can’t just take them off the hook without the landlord's go-ahead.
If your guarantor's credit isn't great, you might be out of luck. Most landlords want someone with solid credit to back you, but you could try finding another person who meets the criteria.
In Arlington, once you find a place, your guarantor usually needs to fill out some paperwork to confirm they’re on board. The landlord will check their credit and income to make sure they can back you up.
Pretty much anyone over 18 can step up as your guarantor, but it’s usually someone with a steady income and good credit, like a parent or a close friend.
A lease guaranty is basically a promise from someone, often a family member or friend, to cover your rent if you can't. It’s like having a safety net that gives landlords peace of mind.