Co-Applicant Rental Agreement
Sometimes landlords allow a co-signer to be part of the lease agreement as long as they pass a substantive exam. Other owners do not allow co-signers. There is no law that states that landlords must accept candidates with co-signatories. TransUnion SmartMove allows you to verify potential tenants and co-signers in minutes without having to keep their personal data. SmartMove provides credit information for tenants, a criminal background check for tenants, and a national eviction report so you have a more complete picture of your context. With reliable information from TransUnion, you can feel safer in your decision to accept a tenant with a co-signer. Add this addition to the default lease agreement to legally transfer the terms of the lease agreement to a co-signer without a resident. With the 4:59 mark in the video above, we discuss competitors for university rentals and how to handle screening for these people. RentPrep compares a co-signer to insurance if you are considering a candidate who may otherwise not meet facilities for your rental criteria.
According to You Check Credit, an appropriate co-signer agreement should make the co-signer co-responsible for all of the tenant`s financial obligations, including the deposit, rent, fees and expenses related to the damages. A co-signer could help you protect your rental income while being more flexible with your rental criteria. For example, university students or younger tenants may not have had enough time to build their credit history. There may be other circumstances, such as medical bills or unemployment, that make an otherwise good tenant risky on paper. Some management companies I speak to refer to a co-applicant as someone who will live in the rental unit, but who is not necessarily responsible for paying for the lease. Examples can be another, an adult child, a roommate, etc. A guarantor is a term often used when checking student residences. For applicants who have bad credit or no credit, a co-signer can help them qualify for rental properties they wouldn`t otherwise get. University students who have not had much time to build credits usually have co-signers who are their parents or other relatives. Other people who may need co-signers are those who have recently gone bankrupt, divorced, any new jobs or evicted.
Every landlord must do what is best for their rental property and budget. Co-signers are as financially responsible as the tenant and give many opportunities to landlords in the event of a problem. According to Nolo, a co-signer is a person who is destined to pay rent if the tenant does not pay. They sign their name in the rental agreement and are fully responsible for the rent if the tenant stops paying the rent.. . .