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Lease Guarantor Form | Co-Sign a Lease

A lease guarantor form allows someone else to “guarantee” a lease by signing attaching as an addendum. The guarantor does not live on the premises but if the tenant does not pay rent or leaves the property with property damage, the guarantor is responsible for payment. This is common with family members where the individual’s credit may not be good enough to rent a property but the person feels comfortable co-signing the lease with the tenant.

Table of Contents

What is a Guarantor on a Lease?

A guarantor, also known as a “co-signer”, is a person that agrees to be financially liable in the event the tenant does not pay rent or leaves the property with damage. After the landlord makes all attempts to obtain payment from the tenant, the landlord will proceed to contact the guarantor to request the amount due.

Who is Commonly a Guarantor?

A guarantor is commonly a trusted person such as a family member, co-worker, or close friend. The tenant is usually someone with bad or no credit with the guarantor knowing that they can pay the rent and trusts them.

How to Co-Sign a Lease

Co-signing, or “guaranteeing”, a lease involves the tenant and a qualified 3rd party who can afford the rent if they are liable to pay. Co-signing is common with young adults, especially those who have just graduated from school and have little or no credit.

Step 1 – Find a Property to Rent

Look for a property to rent that is within the budget of the tenant. The guarantor is not expected to pay any part of the rent but solely acts as a backup in case of non-payment.

Step 2 – Complete a Rental Application

Complete a rental application and inform the landlord that a guarantor will be available to sign the lease if not approved. Some landlords are hesitant when leasing to tenants that require a co-signer while others view it as an insurance policy no matter the tenant’s credit history.

Step 3 – Get Approved and Sign a Lease