Like homeowners and property owners everywhere, those in California typically conduct credit and background checks when considering renting to a tenant. These substantive reviews include an applicant`s criminal history, as well as judgments, previous deportations, and employment history. If a potential tenant does not meet the landlord`s requirements, many landlords allow a co-signer of the lease. Although co-signers do not live on a property, co-tenants do. Generally, adding a tenant or roommate to a lease is similar to adding a co-signer, but may vary slightly depending on the laws and local requirements of the landlord. According to Nolo, a co-signer is a person who is destined to pay rent if the tenant does not pay. They sign their name in the rental agreement and are fully responsible for the rent if the tenant stops paying the rent. RentPrep compares a co-signer to insurance if you are considering a candidate who may otherwise not meet facilities for your rental criteria. According to You Check Credit, an appropriate co-signer agreement should make the co-signer co-responsible for all of the tenant`s financial obligations, including the deposit, rent, fees and expenses related to the damages. A co-signer could help you protect your rental income while being more flexible with your rental criteria.
For example, university students or younger tenants may not have had enough time to build their credit history. There may be other circumstances, such as medical bills or unemployment, that make an otherwise good tenant risky on paper. Ask the landlord if they authorize the co-signer. Sometimes property owners allow younger tenants to have a parent or other parent sign a lease. While the tenant has an appropriate employment history, they may not have built enough credit to meet the landlord`s requirements. Not all California owners allow co-signers. As an independent owner, you have the opportunity to make the best decision for your rented property. If you decide to accept a co-signer, make sure that you also conduct a thorough review of that person`s tenant. This is one of the best ways to ensure that your investment is protected. Sign the lease or lease as soon as the co-signer meets the landlord`s requirements.
The owner of the property will usually make you and the co-signer sign the same lease, but may offer a separate lease designed only for co-signers. Add a co-signer agreement to your lease or lease to prove that a co-signer has agreed to take financial responsibility if the tenant is unable to make payments. As a tenant with an unstable job or poor credit history, a co-signer agreement shows your landlord that rents are guaranteed. As a landlord, he guarantees that another party rents and covers other costs if the tenant cannot pay. As a co-signer, it defines your legal and financial responsibilities for rent on behalf of a tenant.