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
Agreements - Agreement Forms
Surface Lease Agreement For Oil and Gas Facilities

Lease Agreement Facilities With Cosigner

Name: Lease Agreement Facilities With Cosigner
Brand: US Legal Forms
Rating: 4.66 (435 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

Control #:

US-OG-153

Format:

Instant download

Description

This form provides for a surface owner to grant a lessee the right to make use of the surface of the lands for the purposes of establishing oil and gas related facilities.

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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.

How Cosigning for an Apartment Affects Your CreditThe landlord could report late payments. Some landlords report monthly rental payments to the credit bureaus, which means your payment history could take a hit if the lessee pays rent late.The debt could go to collections.An inquiry could appear on your report.

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.

"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."

A cosigner signs the lease agreement like the tenant does; therefore, you must screen cosigners as thoroughly as you screen your tenants. All potential cosigners should fill out a rental application, provide proof of income, and agree to submit a credit and background check if your state allows.

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The agreement will describe the property, specify the monthly rent, and list the responsibilities of both parties. Search for any information needed to complete the application.When you cosign on a lease, you accept financial responsibility for the lease. Key terms you can expect to see in a lease or rental agreement. The property manager may require a cosigner if the applicant does not meet income requirements. The cosigner is often a parent or guardian.

Lease Agreement Facilities With Cosigner

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FAQ

Does co-signer name go on lease?

What are the risks of being a cosigner on a lease?

How do you add a cosigner to a lease?

Why would a landlord not want a cosigner?

What does a cosigner need for an apartment?

Interesting Questions

What is a lease agreement facility?

What is a cosigner in a lease agreement?

Why would I need a cosigner for a lease agreement?

Can a cosigner be held legally responsible for the lease agreement?

What are the responsibilities of a cosigner?

Is the cosigner's credit affected by the lease agreement?

Can a cosigner be released from the lease agreement?

What happens if the primary tenant and the cosigner both fail to fulfill the lease agreement?

Are the laws regarding lease agreements and cosigners the same in all states?

Can a landlord deny a lease application if the applicant has a cosigner?

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