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.
Breaking out of a lease guaranty might not be easy. It usually requires getting the landlord’s approval or making arrangements for another guarantor to step in.
Not much, really! Both help secure a lease by taking on financial responsibility. The terms can be similar, but sometimes landlords use different terms in their contracts.
The guaranty generally sticks around for the duration of the lease. It might also cover any renewal periods, depending on what’s agreed upon in the contract.
Having a steady job is great, but landlords sometimes want extra peace of mind. So, a lease guaranty may still be required, especially if your income isn't very high.
Usually, a guarantor can be anyone with good financial standing, like a parent, guardian, or someone who trusts you. They just need to be willing to take responsibility if things go south.