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Landlord Tenant Lease Co-Signer Agreement - Illinois 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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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.

What are the rights of a cosigner in Illinois?

If you are a co-signer on a mortgage loan in Illinois, you cannot be forced off the loan unless the borrower refinances the mortgage in their name only or pays off the loan in full. As a co-signer, you are jointly responsible for the loan and your name is ***** ***** mortgage contract.

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 legal action can a cosigner take?

A co-signer takes on all the rights and responsibilities of a loan along with the borrower. This means that if the borrower cant make a payment on the loan, the co-signer is responsible.

What power does a co-signer have?

Cosigning a loan doesnt give you any title, ownership, or other rights to the property the loan is paying for. Your only role is to repay the loan if the main borrower falls behind on the payments or defaults.

co signer lease agreement form

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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.