What is a co-signer responsible for on an apartment?

What is a co-signer responsible for on an apartment?

According to Nolo, a cosigner is a person designated to make the rental payments if the tenant does not pay. They sign their name to the lease agreement and are held fully responsible for rent if the tenant stops paying rent.

What am I liable for as a cosigner?

A cosigner on a loan is legally responsible for the debt if the primary borrower defaults. Cosigning a loan will show up on your credit report and can impact your credit score if the primary borrower pays late or defaults. Cosigners may sign for student loans, personal loans, credit cards, and even mortgages.

How high does a co-signer’s credit have to be?

Although there might not be a required credit score, a cosigner typically will need credit in the very good or exceptional range—670 or better. A credit score in that range generally qualifies someone to be a cosigner, but each lender will have its own requirement.

Can someone co sign for an apartment?

Apartment Cosigning A cosigner on an apartment lease becomes the co-guarantor of that lease. In other words, once a cosigner signs a lease she’ll be expected to make rental payments if the primary lessee can’t. Cosigners also must have better credit than the people for whom they’re cosigning.

What happens when you co sign an apartment lease?

When you co-sign, you assume the financial responsibilities of renting that apartment. If the tenant cannot or does not pay the rent — and you’re the apartment lease co-signer – then the responsibility falls to you to pay it.

What is the responsibility of a co-signer for an apartment?

Co-Signer Responsibilities. For example, if you co-sign a lease for your elderly mother and she needs to spend extended time in the hospital, you may be liable for the rent on her apartment if she cannot pay it, as well as a late fee if you didn’t send the rent in by the date specified on the lease.

Who is liable for a cosigner on a lease?

We update our site regularly, and all content is reviewed by experts. Someone who “cosigns” a lease signs the lease. Even though the term “cosigner” sounds as it means you have a lesser role, or somehow only come into play as a back-up (like a “copilot”), in actually anyone who signs a lease is fully liable on the lease.

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

What happens if the rent is not paid. When you co-sign, you assume the financial responsibilities of renting that apartment. If the tenant cannot or does not pay the rent — and you’re the apartment lease co-signer – then the responsibility falls to you to pay it. If you cannot, then you are in default.

What does it mean to co sign a lease?

Your credit score. Co-signing a lease means that you’re agreeing to assume the financial liability of the lease. So for example, if the tenant is unable to pay rent, then that responsibility falls on you.

What happens if you cosign on an apartment lease?

Therefore, to cosign a lease is to expose yourself to all the potential liability that being a tenant could expose you to. Guaranteeing payment under a lease therefore limits your liability to “only” any monies due (such as the rent) under the lease.

Can a landlord require a co-signer to pay rent?

A co-signer on a lease agreement assumes the same legal responsibilities as the tenant who signs the lease and will live in the rented property. If the lessee (tenant) fails to pay the rent, the landlord can require the co-signer to pay, including specified penalties and fees.

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.

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