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.
Once a guarantor agrees and signs the agreement, it's tough to back out. It's a binding commitment, so it's wise to think it through before signing.
Generally, a lease guaranty lasts for the duration of the lease term. If the lease ends, so does the guaranty's responsibility, unless otherwise stated.
Yes, a Basic Lease Guaranty is a legal agreement. Once signed, it holds significant weight in court, just like any other contract.
Anyone who has a steady income and a good credit history can be a guarantor. Common choices are parents, relatives, or even trusted friends.