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If you have a good tenant applicant, but are a bit concerned with their ability to pay rent over the long-term, you may want to require your tenant to provide a guarantor or co-signor for the tenancy. Guarantors are commonly used when renting to students. As students do not have a reliable stream of income, it’s important to secure their rent payments by having someone else “guarantee” the tenant’s obligations.
Our Co-Signer Guarantor declaration form extends further suggesting the guarantor responsible for assuming the terms of the lease in case of any issue with the tenant. This includes behavioral issues, damages, and infractions beyond strictly rent related issues. It empowers the landlord to make the guarantor responsible for the tenant [mis]conduct – potentially. But the main point is still making sure your source of revenue is secured. The form itself is more “legalese” in language than many of our forms, but we’ve found it an effective format. Finally, the guarantor form itself also contains fields that must be filled out by the guarantor (including, full legal name, employer, SIN, phone number, address, email, etc.). This is important should you find yourself having to track down the guarantor to invoke this form.
While student tenants should almost always have guarantors (usually their parents or guardians), you may also require a guarantor for a young working tenant, a tenant in between jobs, contract worker, tenant with physical or mental disabilities, etc. Having this form available and ready, you can also try and advise your tenant to secure a guarantor mid-term if their job/income situation has negatively changed.
Why Do I Need This Form?
- For certain tenant like students, contract workers, or other weak-income renters who would otherwise be strong candidates
- Secures rental income and good behaviour from tenants who are now responsible to both landlord and guarantor
- Provides a written guarantee that the guarantor is responsible for tenant and tenancy in full (ie. entire lease terms) plus contact details which can assist the landlord