Some landlords prefer to accept a higher deposit than include a co-signer in the lease. However, according to Zillow, there may be government or local housing laws that limit the amount you have set. For example, you cannot charge more than two months` rent as a deposit. If the deposit is not enough to recover your losses in case of non-payment or desart, the best option may be to have a co-signer. Add a co-signer contract to your 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 a bad/no credit, a co-signed contract shows your landlord that rents are guaranteed. As a landlord, it ensures that another party pays for rent and other costs if the tenant cannot pay. As a co-signer, she exposes your legal and financial responsibility for rent on behalf of a tenant. Your co-signature contract should contain information such as: Who is the owner; The (s) name (s) of the (s) tenant (s); When the original lease was signed; The location of the rental property The co-signer`s name, driver`s license and social security number; If the co-signer is responsible for extending or modifying the lease; and all other special provisions.
Other names for this document: Co-Signer Agreement Form, Lease Co-Signer Agreement Sign the lease as soon as the co-signer meets the owner`s requirements. The owner of the property will usually have you and the co-signer sign the same lease, but they will be able to offer a separate lease designed only for the co-signer. Some people may opt for a co-signer because they do not have a significant credit history (for example. B university students) or do not meet income requirements. They may be independent and it is more difficult for lenders and lenders to accurately assess their actual income. Accepting a co-signer can help you fill vacancies when the market is scarce, while ensuring that you are able to appeal if the rent is not paid on time. Instead of simply denying a candidate with a poor or low-income credit score, you can accept it and reduce your risk with a co-signer.