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Who can go guarantor on a rental property?

This can be a parent, family member or friend. As long as theyre working and over the age 18 theyll usually be suitable.

What is the difference between a cosigner and a guarantor?

In this article: A cosigner on a rental property is someone who signs a lease with you and assumes equal liability for paying the rent, while a guarantor is only liable to make payments when the primary borrower cant or wont pay.

Who can legally be a guarantor?

Guarantors have to be over 18, have a good credit history and often have to have a certain amount of savings or income. They are usually a close relative or a friend who has the capacity to pay the landlord if for any reason you cant.

What does signing as a guarantor mean?

So, what is a guarantor? A guarantor is a responsible party (which is a parent in most instances) that signs on to the lease and agrees to take on, or assume, the obligations set forth under the lease, most notably the payment of rent.

What is a guarantor agreement?

What is a guarantor? A guarantor agrees to pay a tenants rent if they dont pay it. If a tenant does not meet their financial obligations, the guarantor can be pursued for payment. This action may be in addition to or instead of pursuing the tenant.

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