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.
If you don’t have a guarantor and your lease requires one, you may need to explore alternative options. This could include finding a co-signer or looking for places that don’t require that extra support.
Yes, if circumstances change, you can usually replace your guarantor. Just check with your landlord, as they may have their own rules about it.
Being a guarantor can impact a person's credit if bills go unpaid. It’s like taking a risk on your friend; if they stumble, you might feel the pinch too.
Having a steady job is great, but landlords often like to see a guarantor as an extra layer of security. It’s like having a backup plan.
A guarantor can be anyone who trusts you enough to vouch for your payments, usually a parent, relative, or sometimes even a close friend.