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Texas Landlord Tenant Lease Co-Signer Agreement

Category:
Landlord Tenant - Leases - Guaranty
State:
Texas
Control #:
TX-831-11
Format:
Word; 
Rich Text
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Description

This is a Landlord Tenant Lease Co-Signor Agreement for use by a landlord in contracting with a cosignor on a lease to be liable for rent, damage, etc., if the tenant fails to pay. Cosignor is thereby liable to landlord for payment of rent should tenant not fulfill his/her contractual obligation.


The cosigner is also sometimes be called a guarantor. A guaranty is a contract under which one person (guarantor) 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

Co-signing a lease means that a third-party individual like a parent, sibling or friend assumes the responsibility of the lease if the primary lessee is unable to do so. As a co-signer, this means that you'll be responsible for ensuring that the rent is paid and fulfilled.

Some landlords agree to consider cosigners as long as they pass a background check, while other landlords don't allow them at all. Since there are no laws that require you to accept a cosigner, according to RentPrep, it's up to you to determine what makes the most sense for your property.

As a general rule, unlike so many things in life, co-signing is pretty much forever. In the case of a lease, this means that the co-signer is responsible for the lease for the duration of the agreement, whether it's a six-month lease, a yearlong lease or for some other period.

As a cosigner on a lease, you're not only helping someone out, you're taking on a ton of risk. For instance, if the lease holder doesn't make their payments on time, it will negatively affect your credit report and credit score.

According to Nolo, a cosigner is a person designated to make the rental payments if the tenant does not pay.However, if a lease doesn't have this provision, then the only people who need to sign the lease are the people responsible for paying the rent.

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.

Being a co-signer itself does not affect your credit score. Your score may, however, be negatively affected if the main account holder misses payments.You will owe more debt: Your debt could also increase since the consignee's debt will appear on your credit report.

Ask the owner whether he allows for co-signers. Schedule a meeting with the owner and your co-signer. Sign the lease or rental agreement once the co-signer passes the property owner's requirements. Ask the landlord whether he objects to another tenant moving into the home.

A co-signer is a third party who is responsible if you are unable to pay rent. This person does not typically live in the apartment with you, but he or she is equally liable for your lease.

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