A cosigner on a Rental Agreement is a third party who is responsible to pay rent if the tenant is unable. Sometimes, the lessee may not meet the conditions of the lease requirements for a particular reason (i.e., a limited credit history, history of late payments, or a low income level) so a Cosigner Agreement is needed as third-party financial insurance.
Normally, a cosigner is a family member, friend, or colleague with a strong credit history and stable financial position who earns enough to pay the monthly rent. If the lessee stops paying rent due to some circumstances, a cosigner becomes fully responsible for rent payments. That's why it's important to understand all of the potential liability issues that a cosigner could be exposed to.
A ready-made Cosigner Agreement template can be downloaded through the link below. Alternatively, you can make your own agreement with our online form builder.
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