Lease Guarantee Agreement
A Lease Guarantee Agreement is a formal document used that ensures a tenant's rent payments by offering a guarantor who backs up the lease. The guarantor agrees that if the tenant defaults, he will pay the tenant's payments.
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Purpose
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Lease Guarantee Agreements are used for people renting an apartment who have bad, little or no credit. Without this type of agreement a person may be denied rental privileges. These agreements are also designed to protect the landlord against default.
Benefits
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A Lease Guarantee Agreement is beneficial both to a tenant and a landlord. Tenants with no rental history or poor credit sometimes experience trouble when trying to rent an apartment. This agreement benefits the tenant by having a guarantor backing up the tenant and agreeing to pay the rent and late charges if the tenant doesn't. It also benefits the landlord by having a second party agreeing to pay rent and any other applicable charges.
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Details
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This agreement contains information regarding the tenant and landlord, the property address and rent amount. It contains all details and terms of the lease including the duration and penalties. It also includes the name of the guarantor and signatures of all parties.
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