What Is a Guarantor Co-Signer on Rental Application?

A guarantor co-signer accepts responsibility for someone else's financial obligation by signing a contract. The co-signer on a rental application is guaranteeing that the property owner will be paid rent and other costs associated with the rental.

Uses

When your income and credit rating do not meet a landlord's requirements, the landlord may require a co-signer on your rental application. Landlords routinely require a co-signer from minors or, in college communities, from any renter under a specified age.

Requirements

The landlord sets the requirements. Landlords may require the co-signer to be a resident of the area and may make the financial requirements more demanding than those for a renter.

Eligible Co-signers

Any legal adult who meets the landlord's requirements may co-sign a rental agreement. The co-signer is often the parent of the renter.

Effects

The landlord may take legal action to obtain payment from a co-signer if the renter fails to pay rent or any other debt associated with the rental.

Tip

A rental agreement is a contract. Read the agreement carefully so you will understand the obligations that you are agreeing to accept.

References

• FindLaw Legal Encyclopedia
• University of Pittsburgh
• Insurent Lease Guaranty, "Co-signers and Guarantors"

Resources

• California State University, Stanislaus, sample agreement