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.
Typically, it lasts for the duration of the lease. So, as long as the tenant is renting, the guaranty is in effect.
Not just anyone can be a guarantor. They usually need to have a stable income and good credit to be eligible.
A guarantor is responsible for paying the rent if the tenant can't. Basically, they’re stepping in to help out with the financial side of things.
It gives landlords peace of mind knowing they have someone to turn to for rent payments if the tenant runs into trouble. It's like having an insurance policy.
Usually, first-time renters or those with a less-than-stellar credit history may need a Basic Lease Guaranty to help secure a lease.