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Whether you're a landlord or a tenant, a Co-Signer Agreement is useful in rent situations when there's some question about the tenant's financial situation. With the Co-Signer Agreement signed by a... Read more
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Making a Co-Signer Agreement
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What is a Co-Signer Agreement?
Whether you're a landlord or a tenant, a Co-Signer Agreement is useful in rent situations when there's some question about the tenant's financial situation. 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 pay for some reason.
Use the Co-Signer Agreement document if:
- You are a Landlord with Tenant(s) that may be unemployed or who have a poor or no credit history.
- You are a Tenant who is unemployed or who has no or a poor credit history but who 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 with your Landlord.
- 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.
Attach a Co-Signer Agreement 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. As a tenant with unstable employment or poor/no credit history, a Co-Signer Agreement shows your landlord that the rent payments are secured. As a landlord, it guarantees that another party will cover rent and other costs if the tenant can't pay. As a co-signer, it sets out your legal and financial responsibilities for the rent on behalf of a tenant. Your Co-Signer Agreement should include information like: who is the landlord; the name(s) of the tenant(s); when the original lease was signed; the rental property's location; the co-signer's name, driver's license and social security number; whether the co-signer will be responsible for any lease extensions or modifications; and any other special provisions.
Other names for this document: Co-Signer Agreement Form, Lease Co-Signer Agreement
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