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 your guarantor gets turned down, don’t sweat it! You can look for another guarantor, increase your income proof, or even provide additional references to strengthen your application.
Once a Lease Guaranty is signed, it’s usually binding for the lease term. If a guarantor wants to back out, they'll have to discuss it with the landlord and likely find a replacement.
While good credit can help, some landlords in Seattle still require a guarantor, especially if you're a first-time renter. It’s always best to check with the specific landlord.
Typically, a guarantor can be a family member or a close friend who has a stable financial background. It’s someone you trust to cover the rent if you hit a rough patch.