Lease Co-Signer Agreement
Last Modified 10/17/2016
(last edited 3/10/2014)
Not every prospective tenant has stellar credit. Sometimes good tenants have bad credit. When you are approached by a tenant with less than stellar credit or no credit history at all, you have the option of rejecting them or requesting they provide a co-signer. A co-signer guarantees that if the tenant fails to pay the rent, the co-signer will step in to meet the obligation. By offering tenants with inconsistent credit or rental histories the opportunity to guarantee the terms of their lease with a co-signer, you’ll be able to vastly expand your pool of applicants -- and your revenue stream. But when you’re dealing with a rental candidate whose record is marginal, it makes sense to minimize your risk by clearly defining the co-signer’s responsibilities. Use our Lease Co-Signer Agreement addendum to extend the legal terms of a tenant’s lease to a co-signer.
Co-signers are non-occupants who pledge responsibility to honor the lease terms in order to help a tenant with a marginal history qualify. Co-signers are commonly used for students who have no rental or employment history, persons with sketchy employment and rental histories, or person with bad credit or a combination of poor rental and credit history.
Co-signers are not included on the lease, but are made parties to the lease agreement through the Lease Co-Signer Agreement. They are legally bound by all of the terms in the agreement just as the tenant is legally bound.
Co-signers should be screened for credit history and ability to pay the same way tenants are screened for credit history.
Our Lease Co-signer Agreement form is customizable so that you can include as much or as little additional information as you would like.
Landlords and property managers may want to include language advising co-signers of mandatory renewal screening updates. When a tenant renews his/her lease agreement, the co-signer is then subject to new credit screening for continued eligibility.
Use our Lease Co-signer Agreement for all of your borderline or high-risk tenants.
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