Get a co-signer to secure payment: Co-Signer Agreement
What is a Co-Signer Agreement?
A Co-Signer Agreement is a legally binding document that outlines the responsibilities and obligations of a co-signer on a Lease Agreement. Co-Signer Agreements help show landlords that rental payments are secure, even if the financial situation of the lease’s primary signer is unstable.
With the Co-Signer Agreement signed by a financially secure third party, the tenant and the landlord have a backup who agrees to take on the financial responsibility of the lease if the primary tenant can’t fulfill their obligations.
Typically, a Co-Signer Agreement includes information about the co-signer and their finances as well as rent payment obligations of the primary signer. One can be attached to your Lease or Rental Agreement to prove that a co-signer has agreed to assume financial responsibility if the tenant is unable to make payments. Get started on making your own Co-Signer Agreement with Rocket Lawyer!
When to use a Co-Signer Agreement:
- You are a landlord with tenant(s) who may be unemployed or have a poor or no credit history.
- You are a tenant who is unemployed or who has poor or no credit history but has a parent, friend, or financial backer who has agreed to assume financial responsibility in the event that you cannot pay the rent, utility, or other costs related to the lease.
- You are a co-signer and have agreed to assume financial responsibility for a friend, family member, or acquaintance should they become unable to pay their rent or other lease obligations.
Sample Co-Signer Agreement
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Co-Signer Agreement
This AGREEMENT is made on between Landlord, and Tenant or Tenants, , and understood to be included and recognized as Attachment A to modify the Lease (the "Lease") between Landlord and Tenant(s) dated and which refers to the Property herein described as follows:
PROPERTY DESCRIPTION
The leased property is located at , , , .
CO-SIGNER(S) IDENTIFICATION
Co-Signer has read the Lease referenced above and agree to guarantee all of Tenants financial obligations related to this lease including, but not limited to, payment of rent, damages assessed and incurred by Tenant(s) and/or Tenant(s) pets or service animals, and any necessary cleaning charges. Co-Signer understands that Co-Signer will be responsible for these financial obligations only in the event that the Tenant(s) themselves fail to meet their financial obligations set forth in the Lease.
This Co-Signer Agreement will remain in force throughout the entire term of the leaseIf any issues arise which result in the eviction of Tenant(s), Co-Signer will be held equally responsible with the Tenant(s) for any unpaid rent, utility charges, damages assessed, and necessary cleaning charges until the Property herein described is re-rented.
If the Landlord and Co-Signer(s) are involved in any legal proceeding arising out of this Agreement, the prevailing party shall recover reasonable attorney fees, court costs, and any costs reasonably necessary to collect a judgment.
CO-SIGNER(S) AGREEMENT TO CONDUCT A CREDIT CHECK
Co-Signer understands that this Agreement is contingent upon a satisfactory credit check. Co-Signer hereby gives approval to the Landlord to verify his or her credit history.
SIGNATURES
This Agreement shall be signed by on behalf of and by all the Co-Signers.
LANDLORD(S):
| By: | Date: |
. on behalf of
CO-SIGNER(S)
| By: | Date: |
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