Can you have a cosigner on an apartment lease?
A cosigner on an apartment lease becomes the co-guarantor of that lease. In other words, once a cosigner signs a lease she’ll be expected to make rental payments if the primary lessee can’t. Cosigners also must have better credit than the people for whom they’re cosigning.
What does it mean to be a cosigner on an apartment lease?
A co-signer is a third party who is responsible if you are unable to pay rent. This person does not typically live in the apartment with you, but he or she is equally liable for your lease.
What rights does a cosigner have on a lease?
When you cosign on a lease, you accept financial responsibility for the lease. If the tenants who live in the rental unit don’t pay, you must do so. In other words, by cosigning, you take on liability for any rental debt, even though you may not receive any benefit from the property yourself.
How long does a cosigner stay on a apartment lease?
As a general rule, unlike so many things in life, co-signing is pretty much forever. In the case of a lease, this means that the co-signer is responsible for the lease for the duration of the agreement, whether it’s a six-month lease, a yearlong lease or for some other period.
Can I cosign a lease if I already have one?
If the primary borrower has a good history of payments, you may request to be taken off the lease as a co-signer. Most importantly, keep your current contact information on file.
What are the risks of being a cosigner?
Risks of co-signing a loan
- You are responsible for the entire loan amount.
- Your credit is on the line.
- Your access to credit may be affected.
- You could be sued by the lender.
- Your relationship could be damaged.
- Removing yourself as a co-signer isn’t easy.
Can I remove a cosigner from my lease?
Without the landlord’s consent, a co-signer cannot be removed from a lease. With the landlord’s consent, a co-signer can be removed from a lease. A lease is a binding contract that cannot be altered unless all the parties to the lease agree…
What are the risks of being a cosigner on a lease?
As a cosigner on a lease, you’re not only helping someone out, you’re taking on a ton of risk. For instance, if the lease holder doesn’t make their payments on time, it will negatively affect your credit report and credit score.
How do I get my name off a co signed lease?
8 steps to remove a co-signer from a lease
- Make sure both parties are in agreement.
- Read the lease thoroughly.
- Schedule a meeting with the property manager.
- Prepare for the meeting.
- Attend the meeting and discuss the desire to remove co-signer.
- Ask to adjust the lease.
- Sign the new lease.
- Understand the length of the lease.
