Can you have a cosigner on an apartment lease?
In many cases, people rent apartments rather than undertake the responsibility of home ownership. Fortunately, a hopeful apartment renter with little or poor credit can often obtain a lease by having a qualified cosigner.
What happens when you co sign an apartment lease?
When you co-sign, you assume the financial responsibilities of renting that apartment. If the tenant cannot or does not pay the rent — and you’re the apartment lease co-signer – then the responsibility falls to you to pay it.
What does it mean to be a co signer on a lease?
A co-signer is someone who agrees to sign a lease agreement with you. By signing the agreement, he or she is agreeing to be responsible for any debts you owe to the landlord if you do not pay your rent or break the lease agreement in any other way.
What happens if a co-signer does not pay the rent?
What happens if the rent is not paid. When you co-sign, you assume the financial responsibilities of renting that apartment. If the tenant cannot or does not pay the rent — and you’re the apartment lease co-signer – then the responsibility falls to you to pay it. If you cannot, then you are in default.
Can a third person sign an apartment lease?
There can be serious consequences to being a cosigner when things go wrong. A third person? If your friend or family member has a roommate, you are probably better off NOT co-signing the apartment lease. No matter how much you trust the person you know, you’re also taking on responsibility for the roommate’s portion of the rent.
Can a co-signer of an apartment sign a new lease?
If the tenant signs a new lease on the same apartment, you will no longer be a co-signer unless you also sign the new lease. A co-signer also may be able to work with a tenant to remove herself from the lease.
What are the risks of co signing a lease?
Risks of Co-signing. There are risks involved in being a co-signer, including the risk that the tenant will fail to pay rent or break the lease early and refuse to pay the lease termination fee. If the tenant refuses to pay, you could be on the hook for hundreds or thousands of dollars owed to the landlord.
Can a cosigner remove her name from a lease?
Once a co-signer alerts a tenant that she wishes to remove her name from the lease, the tenant can request that the landlord issue a replacement lease without a co-signer.
What happens if lessee does not pay rent to co signer?
If the lessee (tenant) fails to pay the rent, the landlord can require the co-signer to pay, including specified penalties and fees. Also, co-signers are typically responsible for any damage caused by the tenant or touch-ups if included in the co-signed rental contract.