What is a guarantor on a lease?

A guarantor on a lease is someone who agrees to take on financial responsibility for the rent and other lease obligations if the primary tenant is unable to fulfill them. Typically, a guarantor is required when the primary tenant does not meet the landlord's financial requirements, such as having a low credit score or not meeting the income threshold.

Guarantors are usually family members or close friends of the primary tenant and must be over the age of 18 and have a steady income. They are legally bound to pay rent or any damages incurred by the primary tenant if they default on the lease agreement.

It's important for guarantors to carefully review the terms of the lease agreement before signing as they are taking on a significant financial risk. Additionally, they should ensure they have a clear understanding of their obligations and communicate openly with the primary tenant and landlord throughout the lease term.