Can a personal guarantee be enforced?

A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.

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Personal Guaranty - Guarantee of Contract for the Lease and Purchase...

Broward Florida Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate

Name: Broward Florida Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate
Brand: US Legal Forms
Rating: 4.62 (372 reviews)

Category:

Landlord Tenant - Guaranty

State:

Multi-State

County:

Broward

Control #:

US-60752

Format:

Instant download

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Description

Purchaser has requested that seller enter into a contract for the lease and purchase of real estate for certain property. As an inducement to seller to enter into the contract for the lease and purchase of real estate, guarantor has agreed to personally guarantee the payment and performance of all of purchaser's obligations, conditions and covenants as set forth in the contract for the lease and purchase of real estate.

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FAQ

A personal guarantee puts the tenant's own assets such as real estate, savings, or other valuables on the line should their business not be in a position to pay rent or other lease obligations.

A personal guarantee is a promise to pay a loan, contract, lease, or other financial agreement if the primary borrower, be it a business or individual, cannot. If the primary borrower does not pay the debt, you may be sued because you signed a personal guarantee.

Consult with an attorney on what your options are. Show proof of consistent revenues and profits (P&L statements, balance sheets, etc) Ask for an amendment to the lease after 12-24 months. Ask for the guarantee to expire after 12-24 months as long as you have paid rent payments on time.

A personal guarantee is an agreement between a business owner and lender, stating that the individual who signs is responsible for paying back a loan should the business ever be unable to make payments.

A lease guarantee is an official agreement between a tenant, landlord and third party who takes responsibility for any payment defaults by the lessee/tenants. Rent guarantees also exist where the brokerage firm assures the rental amount to the landlord, irrespective of whether the tenant is available or not.

What Are the Advantages of a Personal Guarantee? The main advantage of signing a personal guarantee is increasing your chances of being approved for a business loan. It also signals to the bank or lender that you're willing to put your personal assets on the line for your business.

The term personal guarantee refers to an individual's legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance.

A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.

Florida case law demonstrates that a simple, but well-drafted, personal guaranty that specifically enumerates the personal nature of the debt assurance is adequate to form a legal, binding personal guaranty.

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Broward Florida Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate

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What does a personal guarantee on a lease mean?

Can you be sued for personal guarantee?

How do you get around a personal guarantee on a lease?

What does a personal guarantee include?

What is lease guarantee in real estate?

What advantages do personal guarantees provide?

How does a personal guarantee work?

Can a personal guarantee be enforced?

Are personal guarantees enforceable in Florida?

Interesting Questions

What is a personal guaranty or guarantee of contract for the lease and purchase of real estate?

Who usually provides a personal guaranty for a lease or purchase of real estate?

Why is a personal guaranty necessary for the lease or purchase of real estate?

What are the potential risks of signing a personal guaranty for a real estate contract?

Can a personal guaranty be enforced even if the primary party is bankrupt?

Is it possible to negotiate the terms of a personal guaranty?

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