Q: I agreed to sign a lease for my nephew. He lost his job and fell back on the rent and ended up leaving the rent. But he owes two months` rent, and the landlord asked me to pay. It even threatens to top up my salary or hang up my bank account. Can he? Julian A. The owners want to rent to tenants who can afford the apartment. Many landlords charge a tenant at least two and a half times the monthly rent that must be taken into account for the rent. If the rent is $1000 a month. B the tenant must earn at least $2,500 per month.
Tenants who have not met this criterion will likely need a co-signer to qualify for the rent. You can offer the signing of a separate commitment agreement to pay off all debts liability due to the co-signer. If, for some reason, they have to pay for one of your debts, you will be responsible for repaying them twice the amount they have paid off. Not having a credit history is also a red flag for homeowners. You don`t have a responsible payment history for your debts, so homeowners often need a co-signer to minimize their risk. While a co-signer may make a potential tenant more desirable, you do not have to rent to a tenant because they have a co-signer. If you feel that another potential tenant is more qualified, you have the right, as a landlord, to rent to the tenant instead. A: Consent to the co-signer is an important undertaking. When you did this, you agreed to pay the debts that the tenant, your nephew, did not pay.
If the agreement does not say anything else (and most do not say so because these agreements are written by lawyers who work on behalf of the owners), the landlord does not have to try to get the money from the tenant, nor to exhaust the deposit before going to you. Can you really afford to sign a lease? Even if you have good credits, do you have the money to pay the missed rents or to cover larger debts such as damages and court costs? This guide will explain what a co-signer is if someone could consider a co-signer when evaluating a candidate, the pros and cons of having a co-signer on a lease agreement and checking as the tenants and their co-signers. Some landlords prefer to accept a higher deposit than include a co-signer in the lease. However, according to Zillow, there may be government or local housing laws that limit the amount you have set. For example, you cannot charge more than two months` rent as a deposit. If the deposit is not enough to recover your losses in case of non-payment or desart, the best option may be to have a co-signer. Explain to the individual why you need a co-signer. You`re from college with no credit history? Did you make a bad financial decision when you were very young and stayed on your credit report? Be honest, because a co-signer takes a lot of risks. Signing a lease is a bargain. You need to put aside your personal relationship and analyze the finances and ethics of individuals. Have they experienced financial difficulties in the past? Having a hard time getting a job? How much are they doing? How much debt is there? Don`t think that someone who agrees to sign a lease is financially responsible.
They must also carry out a credit check on them and obtain proof of income and employment history. Tenants who have been evicted in the past for non-payment or other violations of rental rights are not the most desirable. To even consider rent to a tenant with an eviction history, most landlords need a responsible co-signer to sign the tenancy agreement.