Are co signers tenants?

Are co signers tenants?

Like landlords and property owners anywhere, those in California typically perform credit and background checks when considering renting to a tenant. Although co-signers do not inhabit a property, co-tenants do.

What happens if a co-signer does not pay rent?

The Co-signer will not reside in the Leased Premises. The Co-signer will receive notification of any Lease violations or non-payment of rent. This agreement may terminate or be modified only upon completion of the Lease term, the end of the Lease or with the written consent of said changes from the [Landlord/Property Management Company].

Why do you have to be a cosigner on a lease agreement?

Most landlords who require cosigners do so because they want to have someone besides the tenant to turn to in the event the tenant doesn’t pay rent or causes damage to the rental. A cosigner is considered a party to the agreement.

What happens if you co sign a lease with a landlord?

Lastly, don’t forget: When you co-sign a lease, you’re assuming not only financial responsibility, but opening yourself up to legal liability as well. If a landlord wants to, he can exercise the option of going after a co-signer, as opposed to the actual tenant, regardless of whether or not all other alternatives have been exercised first.

Who is a co signer or a guarantor on an apartment?

A co-signer could be anyone that lives in the apartment, such as your roommate, while a guarantor is someone who accepts financial responsibility if you do not or cannot pay your rent. A parent will often become the guarantor in order to prevent their child – and themselves – from worsening their credit scores.

Most landlords who require cosigners do so because they want to have someone besides the tenant to turn to in the event the tenant doesn’t pay rent or causes damage to the rental. A cosigner is considered a party to the agreement.

Lastly, don’t forget: When you co-sign a lease, you’re assuming not only financial responsibility, but opening yourself up to legal liability as well. If a landlord wants to, he can exercise the option of going after a co-signer, as opposed to the actual tenant, regardless of whether or not all other alternatives have been exercised first.

Can a co-signer be liable for a sublease?

Subleases. Depending on what the lease says about subleases, you as a co-signer may also be responsible for any sublessees who move in. That means when a tenant assigns or sublets their rented unit to someone else, you could still be liable if the sublessee fails to make payments. Other roommates.

A co-signer could be anyone that lives in the apartment, such as your roommate, while a guarantor is someone who accepts financial responsibility if you do not or cannot pay your rent. A parent will often become the guarantor in order to prevent their child – and themselves – from worsening their credit scores.

Share via: