What is a Guarantor on a Lease is a question asked by many Landlords and Tenants. There is no specific legal definition for what is a “guarantor”, but in general terms, a “guarantor” is someone who guarantees that the tenant will pay his or her rent in full and on time. In the business world this would generally be someone like a bank manager or building manager.

If you are a landlord, and you have a large lease to fill: then you may find it beneficial to have a “guarantor”. This is especially true if you are looking to take on a large number of tenants at one time. At the end of the lease term, you will want to be able to have the space ready for your next tenant. Without the guarantee that the tenant will be paying his or her rent on time, you may have to deal with paying back half of the lease and possibly more in fines and fees.

For some people, there are personal reasons: why they may need to get a guarantor on a lease. Perhaps the tenant has a bad credit rating and may not be able to pay the lease on time. A guarantor can help the property owner with this aspect of the lease. In fact, a Guarantor on a lease is usually required by law when dealing with rentals. Other tenants may wish to have a guarantor on a lease so that if they should have an accident in which the property is damaged, they have someone they can call who will guarantee the tenant will make the monthly payments.

In this situation, the Landlord may want to consider hiring a Guarantor on a lease: A Guarantor is someone who would guarantee the rent to the tenants. In order for this to work, the property owner must provide a written guarantee with the lease agreement. This may include the name of the Guarantor, his or her physical address or number, and his or her employer.

The process of getting a Guarantor on a lease is a little different than most other situations: First, the property owner or the Leaser will have to apply for a certification. The certifying agency will conduct an investigation to determine if the applicant is reliable. If the certifying agency determines the applicant to be unreliable, it will revoke the application and the property owner or the Leaser will have to go through the entire leasing process again.

Even though a Guarantor on a lease is considered: to be a liability on the part of the property owner or the landlord, it can actually be helpful. In fact, if a Guarantor is present in the agreement, the lease may be easier to maintain and may therefore attract more tenants. However, the presence of a Guarantor should not be considered a guarantee that the tenant will pay his or her rent.

The agreement may require the tenant to pay his or her own rent or may specify a specific amount that the tenant is required to pay the property owner or the landlord.