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For individual leases, you and your guarantor are only responsible for your bed space and common areas. So, if you have other roommates in your unit, they would not be covered by your guarantor. Your roommates would sign separate leases and have their own guarantors.

Typically, one guarantor is enough for roommates, but some landlords will specify whether every applicant needs their own guarantor or if only one will be accepted.

The primary difference between a co-signer and a guarantor is how soon each individual becomes responsible for the borrower's debt. A co-signer is responsible for every payment that a borrower misses. However, a guarantor only assumes responsibility if the borrower falls into total default.

A guarantor is an individual that agrees to pay a borrower's debt if the borrower defaults on their obligation. A guarantor is not a primary party to the agreement but is considered to be an additional comfort for a lender.

Arbitration can be mandatory or voluntary, and the decision can be binding or non-binding. Mandatory arbitration means that the parties must use arbitration to resolve any dispute, while voluntary arbitration means that the parties can explore other options for resolving their dispute before going through arbitration.

A party asks a court to compel or stay arbitration in North Carolina state court by filing a motion, whether or not there is a lawsuit already pending between the parties. If the application starts the action, the party files an initial motion. (N.C.G.S. § 1-569.5.)