Guarantor Agreement for Rental Properties.

Guarantor Agreement

A guarantor agreement can ensure payment of rent or damages of a rental property.

A guarantor application form must be completed by the guarantor and the applicable fee must be paid to facilitate credit or background checks. Quite often the landlord will set higher qualification criteria for the guarantor than for the tenant, such as higher income required. This is because someone may enter into more than one guarantor agreement, such as the parents of more than one child and will therefore need a higher income to guarantee payment. If the guarantor is married, provision must be made for the spouse's details and signature.

The guarantor should be given time to study the lease or rental agreement (available from our free real estate contracts forms page) as well as the guarantee document and must fully understand the legal implications.

If the guarantor agreement can not be signed in the presence of the landlord or his agent, it can be signed in the presence of a notary public or commissioner of oaths.

GUARANTOR AGREEMENT

THIS AGREEMENT IS MADE BETWEEN THE GUARANTOR AND THE LANDLORD.

Guarantor Name:

Guarantor Address:

Landlord Name:

Landlord Address:

The Tenant:

The Property:

1. Whereas the Landlord and Tenant entered into a lease agreement, a copy of which is attached hereto, for the Property which will commence on the ________day of ___________________20____. In consideration of this, the Guarantor hereby unconditionally guarantees the performance of the Tenant under the conditions of the lease agreement.

2. Guarantor undertakes to pay to the Landlord upon written demand and within seven (7) days of receipt thereof all monies due and not paid by the Tenant despite demand of such payment from the Tenant. Payments include but are not limited to rent, utility charges, repair and maintenance costs, damages, legal costs and other costs as are specified in the lease agreement.

3. Guarantor undertakes to compensate the Landlord for any loss or damages resulting from the Tenant's breach of the lease.

4. Guarantor agrees that this guaranty shall be valid for the full term of the lease and any extension thereof as agreed to by Tenant and Landlord, unless released in writing by Landlord.

5. Guarantor waives his right to be informed by Landlord of any extension to the lease or changes to the provisions therein, made and agreed to by Tenant and Landlord during the entire duration of the lease and any changes to the terms of the lease shall not require the authorization of the Guarantor.

6. Upon the death of the Guarantor this agreement will become binding on the Guarantor's estate.

7. Unless inconsistent with the context, words signifying any one gender shall include the others, words signifying the singular shall include the plural and vice versa, words signifying natural persons shall include artificial persons and vice versa and reference to the Landlord shall include his/her Agents.

Guarantor Signature: _________________________________ Date:______________________

Landlord Signature: _________________________________ Date:______________________

Witness Signature: __________________________________

Return from Guarantor Agreement to Free Legal Document

Our free guarantor agreement can act as additional security for the landlord to ensure collection of rent and other monies due should the tenant default.