Guarantor for Rent
A Guarantor is a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform.
Definition of Guarantor
The meaning of guarantor is basically some person or company who guarantees something legally. A guarantor is basically saying, “I am legally bound to make sure that why I am putting my name to will happen.”
The guarantor is legally bound to fulfill the agreement entered into if the principal does not. The guarantor is bound only to the extent that the principal is, and any payment made by the latter, or release of him by the creditor, will operate as a release of the guarantor.
From the perspective of renting a property it means that where a tenant has a guarantor, be that a family member, friend or business colleague, or even the company they work for then if the tenant fails to uphold their obligations under the tenancy agreement they have entered into then the guarantor will be liable to uphold them. That might be paying the rent, paying for damages or even court costs incurred or all three !
In this section we're going to talk about guarantors, what it means to be one, whether you can be one and how to find a guarantor if your landlord or Renting Agency asks you for one.
Being a guarantor is a good thing to do for friends or family as it can really help them, but there are downsides too.
If your landlord asks for a guarantor where do you start in finding one - we have a few tips for you.
So, what does it actually mean for someone to become a guarantor for a friend or colleague who is taking up a rental agreement?
What's in a Rent Guarantor Form and what you need to do.
What's in a Rent Guarantor Agreement and what you should look out for.