"Cosigner Agreement Template"
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What Is a Cosigner on a Rental Agreement?
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.
How to Add a Cosigner to a Residential Lease Agreement?
A Residential Lease Agreement is a contract between a property owner and a tenant. In the case where a cosigner is required, the parties compose a Cosigner Lease Agreement. An agreement can be helpful in the following ways:
- It determines the legal obligations of each participant of the contract and is attached to your Lease Agreement or Rental Agreement to prove that the rent payments are secure;
- The guarantor agrees for the lessor to check their credit history;
- It establishes the guarantor's obligations to make rent payments, cleaning fees, or damage assessments under the terms of the lease if the lessee fails to fulfill their financial commitments;
- A Cosigner Agreement must also contain the lease term and signatures of each party of the contract.
How to End a Cosigner Agreement?
If a cosigner wants to stop the responsibility of being liable for a lease or rental, there may be some ways to exclude themselves from the contract:
- Fulfill the contract. One of the ways out of a lease may just be paying it off. After that, a cosigner is able to make a separate agreement and collect the debt directly from the lessee.
- Check the agreement. A Lease Agreement with a cosigner may include specific provisions on how to terminate the lease or rental. For example, a contract may contain a clause that the cosigner may terminate the lease if they pay the security deposit.
- Do not renew the agreement. Rental Agreements, Lease Agreements, and Sublease Agreements are generally short legal agreements that expire in a year. After the expiration of the initial lease term, a new contract is renewed for a new period of time. The guarantor may refuse to conclude any subsequent agreements.
- Get a new contract. If the original tenant specified in the agreement has enough resources to pay the rent and the owner of the property agrees, the original contract can be terminated and a new one can be drawn up without requiring a cosigner.
- Cosigner's protection. If a tenant does not fulfill their obligations, a cosigner can recover the balance amount in a contract and legal costs in court.
Related Forms and Templates:
!["Cosigner Agreement Template"](https://data.templateroller.com/pdf_docs_html/1999/19997/1999735/page_1_thumb.png ""Cosigner Agreement Template"")
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2Cosigner Agreement
(Addendum to Lease or Rental Agreement)
This C osigner Agreement ( hereinafter referred to as the “Agreement”) is entered into
as of _________________ by and between:
● ______________________, with a mailing address of ____________________
_____________________________ (hereinafter referred to as the “Landlord”),
● ______________________, with a mailing address of ____________________
___________________________ (hereinafter referred to as the “Tenant”), and
● ______________________, with a mailing address of ____________________
_____________________________ (hereinafter referred to as the “Cosigner”)
collectively referred to as the “Parties”, all of whom agree to be bound by this
Agreement.
The Landlord and Tenant signed a lease or rental agreement specifying the terms and
conditions of rental on ________________________ for the premises located at
_____________ (hereinafter referred to as the “Premises”).
A copy of that lease or rental agreement is attached to this Agreement.
1. The Cosigner agrees to be jointly liable with the Tenant for the Tenant's obligations
arising out of the lease or rental agreement attached hereto, including but not limited
to unpaid rent, property damage, and cleaning and repair costs. The Cosigner further
agrees that the Landlord will have no obligation to give notice to the Cosigner should
the Tenant fail to abide by the terms of the lease or rental agreement. The Landlord
may demand that the Cosigner perform as promised under this Agreement without
first using the Tenant’s security deposit.
2. If the Tenant assigns or subleases the Premises, the Cosigner will remain liable
under the terms of this Agreement for the performance of the assignee or sublessee,
unless the Landlord relieves the Cosigner by written termination of this Agreement.
3. This Agreement shall remain in full force and effect throughout the term of the
lease period regardless of any extensions and/or changes in terms unless specified
otherwise in writing by the Landlord.
4. The Cosigner appoints the Tenant as their agent for service of process in the event
of any lawsuit arising out of this Agreement.
Cosigner Agreement
(Addendum to Lease or Rental Agreement)
This C osigner Agreement ( hereinafter referred to as the “Agreement”) is entered into
as of _________________ by and between:
● ______________________, with a mailing address of ____________________
_____________________________ (hereinafter referred to as the “Landlord”),
● ______________________, with a mailing address of ____________________
___________________________ (hereinafter referred to as the “Tenant”), and
● ______________________, with a mailing address of ____________________
_____________________________ (hereinafter referred to as the “Cosigner”)
collectively referred to as the “Parties”, all of whom agree to be bound by this
Agreement.
The Landlord and Tenant signed a lease or rental agreement specifying the terms and
conditions of rental on ________________________ for the premises located at
_____________ (hereinafter referred to as the “Premises”).
A copy of that lease or rental agreement is attached to this Agreement.
1. The Cosigner agrees to be jointly liable with the Tenant for the Tenant's obligations
arising out of the lease or rental agreement attached hereto, including but not limited
to unpaid rent, property damage, and cleaning and repair costs. The Cosigner further
agrees that the Landlord will have no obligation to give notice to the Cosigner should
the Tenant fail to abide by the terms of the lease or rental agreement. The Landlord
may demand that the Cosigner perform as promised under this Agreement without
first using the Tenant’s security deposit.
2. If the Tenant assigns or subleases the Premises, the Cosigner will remain liable
under the terms of this Agreement for the performance of the assignee or sublessee,
unless the Landlord relieves the Cosigner by written termination of this Agreement.
3. This Agreement shall remain in full force and effect throughout the term of the
lease period regardless of any extensions and/or changes in terms unless specified
otherwise in writing by the Landlord.
4. The Cosigner appoints the Tenant as their agent for service of process in the event
of any lawsuit arising out of this Agreement.
5. If the Landlord and the Cosigner are involved in any legal proceeding arising out of
this Agreement, the prevailing party will recover reasonable attorney fees, court costs,
and any costs reasonably necessary to collect a judgment
The Parties agree to the terms and conditions set forth above as demonstrated by their
signatures as follows:
LANDLORD
TENANT
COSIGNER
___________________
___________________
___________________
Name
Name
Name
___________________
___________________
___________________
Signature
Signature
Signature
___________________
___________________
___________________
Date
Date
Date
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Most popular documents
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"Vsepr Theory (Molecular Shapes) Chart"
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"Zappos Kid Shoe Size Chart"
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DD Form 2813
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DA Form 2062 "Hand Receipt/Annex Number"
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DD Form 2977 "Deliberate Risk Assessment Worksheet"
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DD Form 1750 "Packing List"
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AF Form 910 "Enlisted Performance Report (AB Thru Tsgt)"
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DA Form 31 "Request and Authority for Leave"
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DA Form 3595 "Record Fire Scorecard"
-
DD Form 2923 "Privacy Act Data Cover Sheet"
Popular Articles
- Rental Property Inspection Checklist for Tenants Rental Property Inspection Checklist for Tenants
- Rental Property Inspection Checklist for Landlords Rental Property Inspection Checklist for Landlords
- How to Rent out a House? How to Rent out a House?
- How to Rent Your First Apartment? How to Rent Your First Apartment?
- 10 Sample Interview Questions 10 Sample Interview Questions
- USCIS Form I-551, Permanent Resident Card USCIS Form I-551, Permanent Resident Card
- Washington State Patrol Inspection Request Form Washington State Patrol Inspection Request Form
- Form MV-4ST, Vehicle Sales and Use Tax Return/Application for Registration Form MV-4ST, Vehicle Sales and Use Tax Return/Application for Registration
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