What is a guarantor for a lease?

A guarantor for a lease is someone who signs a legal agreement to be responsible for paying the rent and any damages or other fees if the tenant is unable or refuses to do so. Guarantors are commonly used when a tenant does not have sufficient income or credit history to qualify for a lease on their own.

The guarantor typically needs to have a strong credit history and sufficient income to cover their own expenses as well as any potential costs of the lease. They may also need to provide proof of income and undergo a credit check as part of the application process.

It's important to note that being a guarantor for a lease is a significant financial commitment, as the guarantor can be held legally responsible for any unpaid rent or damages. Before agreeing to be a guarantor, it's important to carefully review the terms of the lease agreement and consider the potential risks involved.

In some cases, landlords may require the guarantor to sign a separate guaranty agreement outlining their responsibilities and liabilities. It's important for both the tenant and the guarantor to fully understand the terms of the lease and the guaranty agreement before signing.