It is a difficult area. The problem for a landlord to have a guarantor is that there is a temptation to degenerate problems rather than deal immediately with tenant problems. Limited safeguards and the requirement for the lessor to disclose all issues in a timely manner should become the norm. If someone has asked you to be a guarantor for them, it`s a good idea to encourage them to compare options with different lenders to make sure they get a good deal. If you have to cover the refunds at the end, you want to make sure that it won`t cost you more than it might have. I signed as a guarantor for a friend who did not pay for three months. I was told that I had signed an agreement, not an act. Do I have the right not to pay? To be a guarantor is to help someone else get credits, such as . B a loan or a mortgage. As a guarantor, you „guarantee“ another person`s loan or mortgage by promising to pay off the debts if they cannot afford it. It is wise to accept to be the guarantor of someone you know well. Parents often act as guarantors of their children to help them take this first step on real estate managers.
Before you sign anything, you need to be aware of your role in the treaty, and for that you need to know what a guarantor is. In short, a rent guarantor is someone who signs the contract with the tenant and thus agrees to pay the rent, damages and all other unpaid bills for the duration of the lease if the tenant cannot pay himself. For more information on what a rent guarantee is, why it is necessary and who can be guarantor and who, please read our special explanatory article „What is a surety“. Instead of having a guarantor when I closed my rent, I paid an extra $500 as rent insurance, so if I didn`t pay my rent, the „guarantor“ deposit would be used. Since then, I have purchased a property, I have moved and the owner refuses to repay the deposit of the deposit or at least to authorize the real estate agent to release it.