When it comes to conducting tenant screening for all parties (especially if you have multiple tenants in the rental agreement), you want to be sure you know who you`re dealing with at all levels. This will give you a more complete idea of who will live in your home and who will be responsible for the rent. A: Consent to be a co-signer is an important undertaking. When you did that, you agreed to pay debts that the tenant, your nephew, did not pay. Unless the agreement doesn`t say anything else (and not most because these agreements are written by lawyers who work on behalf of the landlords), the landlord doesn`t need to try to receive the money first from the tenant, or even exhaust the deposit before going to you. According to Nolo, a co-signer is a person who is destined to pay rent if the tenant does not pay. They sign their name in the rental agreement and are fully responsible for the rent if the tenant stops paying the rent. Add this addition to the default lease agreement to legally transfer the terms of the lease agreement to a co-signer without a resident. Many States want to ensure that co-signatories understand the extent of their responsibilities when signing a consumer credit agreement, loan or vehicle rental. California requires that the following disclaimer be attached to any such contract involving a co-signer: Add a co-signer agreement to your lease or lease agreement to prove that a co-signer has agreed to assume financial responsibility if the tenant is unable to pay. As a tenant with an unstable job or poor credit history, a co-signer agreement shows your landlord that rents are guaranteed. As a landlord, he guarantees that another party rents and covers other costs if the tenant cannot pay.

As a co-signer, it defines your legal and financial responsibilities for rent on behalf of a tenant. Your co-signer agreement should contain information such as: Who is the owner; the name(s) of the tenant(s); when the original lease has been signed; the location of the leased property; the name, driver`s licence and social security number of the co-signer; whether the co-signer is responsible for renewals or amendments to the lease agreement; and all other special provisions. Other names in this document: Co-Signer Agreement Form, Lease Co-Signer Agreement This manual explains what a co-signer is, when someone might consider a co-signer when evaluating an applicant, the pros and cons of a co-signer in a rental agreement, and how to verify tenants and their co-signers…