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Alaska Guaranty or Guarantee of Payment of Rent

Category:
Landlord Tenant - Guaranty
State:
Alaska
Control #:
AK-820LT
Format:
Word; 
Rich Text
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Description

This Guaranty or Guarantee of Payment of Rent contract is an agreement between a guarantor for the tenant and the tenant's landlord. The guarantor agrees to pay the rent if the tenant is not able to pay. The guaranty contract sets out the details of this agreement, the trigger for the guarantor's payment, etc.


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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How to fill out Alaska Guaranty Or Guarantee Of Payment Of Rent?

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FAQ

Grace periods are quite common, usually varying between three and five days. Grace periods provide tenants extra time to pay rent before the landlord can legally charge a late fee.

Grace periods are quite common, usually varying between three and five days. Grace periods provide tenants extra time to pay rent before the landlord can legally charge a late fee.

Your Landlord is legally obligated to return your deposit within 10 days of you both agreeing how much you'll get back (after the tenancy has ended, of course).

A five day grace period means that rent due on the 1st wouldn't get a late fee until the 6th. However, this does not mean that rent is actually due on the 5th but that's the message that is inadvertently conveyed. Rent is due on the due date please don't make a habit out of paying within the grace period.

A guarantor acts as a guarantee that the rent gets paid during a situation when the tenant can't meet their financial commitment. The guarantor is as responsible for the lease as the tenant.

Alaska state law limits how much a landlord can charge for a security deposit (two months' rent, unless the monthly rent exceeds $2,000), when it must be returned (within 14 days after a tenant moves if the tenant has given proper notice to end the tenancy or 30 days if the tenant has not), and sets other restrictions

Late fees Most rental agreements include a late fee clause. You might have to pay a late fee if you're even a few minutes past the due date. Or, you might have a grace period of a day or two.If you pay on the second, you won't have to pay a late fee, but your payment may still be flagged as a late payment.

If your deposit didn't need to be protected and your landlord refuses to give it back, you might have to take them to court.You'll need to take your landlord to the small claims court to get your money back.

Although landlords won't fine tenants during 'grace periods', the payment of the rent is still considered legally delinquent. Normally, rent should be paid on or before the established due date. This is a clause that is included in all lease agreements.

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