A real estate lease guarantor co-signer agreement form is a document which is used by realtors or real estate property owners who will be leasing out a real estate property to a prospective tenant. With the form, the parties involved will be able to know their roles and their responsibilities, specifically to the individual who will stand as the guarantor of the tenant who will be renting out the property. Moreover, the form also documents the financial obligations and expectations of the involved parties which should be met in the duration of the lease.
Real Estate Lease Addendum Guarantor Form
Who Will Sign a Real Estate Lease Guarantor Co-Signer Agreement Form?
The parties who will be signing a real estate lease guarantor co-signer agreement form would be the landlord, the real estate property owner, the realtor, the tenant, and the guarantor of the tenant. Each of them must affix their signatures and disclose their identities in the form in order for them to be legally bound to the agreement.
Real Estate Lease Guarantee Agreement Form
What’s in a Real Estate Lease Guarantor Co-Signer Agreement Form?
Even if a real estate lease guarantor co-signer agreement form would be used by property owners of varying States and countries, there are several sections and elements which should be part of the form’s contents, and these are as follows;
- Preamble: This is the introduction of the agreement which will allow the users to know what the agreement is all about. Moreover, the preamble will also indicate the date and time when the agreement form is used.
- Identifications of the parties: This is where the names of the lessor, the tenant, and the guarantor will be stated along with their roles in the agreement. In addition, their addresses and the company that they are representing for can also be included in this portion of the form.
- Lease information: The period of the lease including the address of the real estate property and its descriptions will be the contents of this section. Furthermore, the rental amount and the fees to be paid by the tenant will also be stated to inform the guarantor about the possible payments that he will be facing in the event that the tenant will default in the lease.
- Guarantor agreement terms: This section will enlist and define the terms and conditions to be obeyed and be mandated throughout the period of the lease.
- Signature block: The signatures of the involved parties should be catered in the form along with the dates when the signatures were affixed.
Real Estate Lease Guarantee Co-Signer Agreement Form in DOC
What Guarantee Terms and Clauses Must Be Defined in Real Estate Lease Guarantor Co-Signer Agreement Forms?
Damage and loss guarantee clause
Regardless of the property to be guaranteed, a clause regarding the responsibilities of the lease guarantor towards paying for the repairs and maintenance, or replacements for the items and materials in the property that the tenant have incurred during his stay should be included in the form. This clause or term will allow the guarantor and the tenant to know that the damages must be paid, as well as that the landlord or the property owner is not only obliging the tenant who caused the damage but also the guarantor in the event that the tenant could not provide payment or replacement.
Rental payment guarantee clause
In lieu of the aforementioned clause, the guarantor will also be required to fulfill his role in paying the dues of the tenant during a default. Every amount to be paid related to the tenant’s stay and lease in the property will have to be provided by the guarantor. This is the reason why a guarantor should be financially capable or has a solid financial background for him to meet his legal responsibilities to the tenant that he is guaranteeing for.
Governing law clause
This clause of the form is for documenting and explaining the State law or act which will be mandated and be obeyed in the period of the lease. The governing law should be based on the location of the real estate property which will be leased out to the tenant.
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Real Estate Lease Guarantor Co-Signer Agreement Form FAQs
Can a real estate lease guarantor co-signer agreement form be used by financial creditors?
Yes. A real estate lease guarantor co-signer agreement form can be used by financial creditors who offer financial aid to tenants or prospective tenants of a real estate property lease. However, the form must clearly state that the guarantor is guaranteeing in paying the credit dues of the tenant rather than the rental fees of the property.
Should a real estate lease guarantor co-signer agreement form be notarized?
Yes. The signature and seal of a licensed notary public is important. The reason for this is to simply deter or eliminate the possibilities of a fraud identity being stated in the legal agreement form. In addition, the notary public can also serve as a guide to the parties of the agreement towards how the form must be signed and in other legal aspects of guaranteeing a lease.
Real Estate Lease Personal Guarantee Co-signer Letter Form
Tips in Making Real Estate Lease Guarantor Co-Signer Agreement Form
When making a real estate lease guarantor co-signer agreement form, the landlord or the document-preparer should first choose his desired file format and whether to make it short or a long form. The formats to choose would be in “.DOC” and in “.PDF”. With a “.DOC” format, the landlord or the document-preparer can easily incorporate changes and updates which are essential for the agreement. On the other hand, a “.PDF” format allows efficient delivery and access of the agreement form online while still retaining its appearance and layout.
Real Estate Lease Rental Guarantor Agreement Form
The next tip to consider noting is to properly negotiate the terms of the agreement and define what had been negotiated. Each term and clause should be well-explained in the agreement form to ensure that the involved parties have a common understanding of the agreement itself. Furthermore, if there are supplemental forms and documents which will help in explaining the terms, then the landlord or the preparer of the document should attach the forms along with the original or the master lease if the agreement is an addendum.
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