Louisiana Rental Application With Guarantor
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How to fill out Louisiana Rental Application With Guarantor?
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FAQ
A guarantor is someone who agrees to pay your rent if you don't pay it, for example a parent or close relative. If you don't pay your landlord what you owe them, they can ask your guarantor to pay instead. If your guarantor doesn't pay, your landlord can take them to court.
However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for. To be a guarantor you'll need to be over 21 years old, with a good credit history and financial stability. If you're a homeowner, this will add credibility to the application.
A rent guarantor is a person or a company that will vouch for your rent payments, bills, taxes and damage done to the property during the tenancy period. The guarantor is legally bound to cover all these debts and any other the tenant has accumulated in relation to their landlord.
The criterion for a guarantor is similar to that of a tenant. They will need to show proof of their identity but will not be checked under the Right to Rent requirements. The guarantor should permanently live in England and Wales.
Initially, the risks of being a guarantor appear to rely on how much you trust the tenant you are guaranteeing. This is the case with some tenancy agreements, but parents should be warned that most student or shared tenancy letting agreements use a 'Joint and Several Liability' contract.