Does co-signer name go on lease?

If a potential renter has a low income, zero rental history or bad credit, the landlord might require them to have a co-signer on the apartment lease. As a co-signer, you don't have to live in the apartment but your name will be on the lease and you'll be legally obligated to follow the terms of the lease.

Why would a landlord not want a cosigner?

"The most common reason landlords require a guarantor is because of insufficient income," says Dennis Hughes, a broker with Corcoran. "If this is the case, prospective tenants should, if possible, offer additional security, or offer prepaid rent of several months or moreeven up to a year."

US Legal Forms
Leases
Hawaii Guaranty Attachment to Lease for Guarantor or Cosigner

Lease With Cosigner

Name: Lease With Cosigner
Brand: US Legal Forms
Rating: 4.86 (434 reviews)

Category:

Hawaii Landlord Tenant - Guaranty

State:

Hawaii

Control #:

HI-841LT

Format:

Instant download

Description

This Guaranty Attachment to Lease for Guarantor or Cosigner is a document in which a third party "co-signs" a lease. This third party agrees to guaranty the payment of rent under the lease and obligates that third party to pay any unpaid rent for tenant.

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

If a potential renter has a low income, zero rental history or bad credit, the landlord might require them to have a co-signer on the apartment lease. As a co-signer, you don't have to live in the apartment but your name will be on the lease and you'll be legally obligated to follow the terms of the lease.

"The most common reason landlords require a guarantor is because of insufficient income," says Dennis Hughes, a broker with Corcoran. "If this is the case, prospective tenants should, if possible, offer additional security, or offer prepaid rent of several months or moreeven up to a year."

Although there might not be a required credit score, a cosigner typically will need credit in the very good or exceptional range670 or better. A credit score in that range generally qualifies someone to be a cosigner, but each lender will have its own requirement.

Who Needs a Co-SignerName.Contact Information.Rental History.Reason for Moving.Number of Tenants.Desired Move-In Date.Place of Employment.Length of Employment.More items...?

Create your state-specific lease agreement outlining the terms of the cosigner and the responsibility of each party and add both parties to the lease agreement. Get all parties to sign so the lease agreement is legally binding. Make sure they both understand when and how rent should be paid every month.

More info

Co-signers are not included on the lease but are made parties to the lease agreement through the Lease Co-Signer Agreement. Do I need a cosigner?If you fall short of the lease requirements for any reason, a guarantor can help reduce the stress of applying. As a cosigner on a lease, you're not only helping someone out, you're taking on a ton of risk. You do not have an income that equals three times the amount of rent and can be verified. They bear the legal responsibility for the rent and can live in the property. When you cosign an apartment lease, you are pledging to be financially responsible. A cosigner on a lease functions much like the cosigner on a loan; he or she agrees to pay the rent if the tenant is unable to pay. Lease that has multiple tenants, you have cosigned or guaranteed all of the tenants. Sometimes, landlords allow a cosigner to be part of the lease agreement as long as they pass a background check.

Lease With Cosigner

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Does co-signer name go on lease?

Why would a landlord not want a cosigner?

How much credit do you need to cosign?

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