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
Typically, a Basic Lease Guaranty lasts for the duration of the lease. Once the lease is up and all obligations are met, the guarantor is off the hook.
Sure thing! Generally, a guarantor can be a family member, friend, or anyone who trusts you and is willing to take on that responsibility.
If you're a tenant with less than perfect credit or no rental history, a landlord might ask you for a Basic Lease Guaranty to feel more secure about renting to you.