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Landlord Tenant Lease Co-Signer Agreement - Maine

Landlord Tenant Lease Co-Signer Agreement - Maine 2025

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The Cosigner Agreement outlines the responsibilities of a cosigner in relation to a lease between a tenant and landlord. The cosigner agrees to be jointly liable for the tenant's obligations, including unpaid rent and damages, and remains responsible even if the tenant subleases the property. The agreement also stipulates that in any legal disputes, the prevailing party can recover legal costs.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Why is my landlord asking for a cosigner?

Cosigners are used when the principal applicant would not otherwise qualify for an apartment due to insufficient income, poor credit, or some other factor that would disqualify them from being accepted as a tenant.

Can a cosigner be removed from a rental agreement?

In most cases, both the tenant and the landlord must agree to remove the cosigner. The tenant must also prove financial stability. They will need to show that they can meet the rental obligations on their own.

What is a co-signer agreement for a rental property?

The cosigner is a party with an established financial history who agrees to back up one or more tenants on the lease. They function as a safety net for the landlord. If the other people named in the lease cant make rent or cause damages they cant afford to repair, the cosigner has agreed to pay instead.

Do landlords have to accept co signers?

Landlords generally have the right to choose whether to allow co-signers or not. Landlords can also generally choose whether they want to allow individual co-signers or commercial co-signer services.

What is the difference between a co applicant and a co-signer for a rental?

Co-signers are similarly used to obtain better loan terms, but they generally arent involved in how the loan is used and do not get access to the funds. Co-signers only serve as back-up legal payers if the primary borrower defaults, whereas co-applicants take an equal part in the transaction.

What are the risks of being a cosigner on a lease?

If the primary borrower fails to meet their financial obligations on a loan or lease, the co-signer is held accountable for any missed payments. A co-signed debt will also appear on the co-signers credit reports and can influence their credit scores as if the debt were their own.

What is the lease addendum for a cosigner?

A guarantor lease addendum is a document that adds a guarantor to an existing rental agreement. The guarantor, or co-signer, will be responsible for paying the landlord if the tenant violates the lease.

Can a landlord void a signed lease?

No, landlords cannot cancel a lease without a valid reason.

Landlord Tenant Lease Co-Signer Agreement - Maine 2025

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