Glossary Term
A co-signer (or guarantor) is someone who agrees to be legally responsible for the rent and other lease obligations if the primary tenant fails to pay. Landlords often require a co-signer when an applicant has limited credit, income, or rental history. The co-signer usually does not live in the unit but takes on the same financial liability as the tenant.
In short
A co-signer (or guarantor) is someone who agrees to be legally responsible for the rent and other lease obligations if the primary tenant fails to pay. Landlords often require a co-signer when an applicant has limited credit, income, or rental history. The co-signer usually does not live in the unit but takes on the same financial liability as the tenant.
Co-signing is a serious financial commitment that can affect the co-signer's credit and savings. Understanding the obligation protects both the tenant and the person helping them qualify.
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A co-tenant lives in the unit and shares both the right to occupy it and the responsibility to pay. A co-signer typically does not live there but still guarantees the rent if the tenant cannot pay.
Usually only if the landlord agrees, often when the tenant can now qualify on their own. Any release should be put in writing so the co-signer is no longer on the hook.
It can. If the tenant misses rent or the account goes to collections, it may appear on the co-signer's credit and they can be pursued for the unpaid amount.
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