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.
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Interesting Questions
Yes, but it often requires a written agreement from the landlord. Make sure both parties are on the same page before pulling the plug on the guaranty.
Yes, usually there’s a separate agreement that clearly spells out the responsibilities of the guarantor. It’s wise to read the fine print!
Not every rental requires one, but many landlords ask for it, especially if the tenant has no solid rental history or credit.
Anyone with a good credit history and dependable income can be a guarantor. It's often a family member or a friend willing to back you up.
A Basic Lease Guaranty is a promise made by one party to cover the rental payments if the tenant can’t make them. Think of it as a safety net for landlords.