Add this addition to the default lease agreement to legally transfer the terms of the lease agreement to a co-signer without a resident. Accepting a co-signer can help you fill vacancies when the market is tight, while ensuring you have recourse if rent isn`t paid on time. Instead of just turning down an applicant with poor creditworthiness or low income, you can accept it and reduce your risk with a co-signer. This guide explains what a co-signer is when someone can consider a co-signer when assessing an applicant, the pros and cons of a co-signer in a lease agreement, and how to verify tenants and their co-signers. 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. TransUnion SmartMove allows you to verify potential tenants and co-signers in minutes without having to keep their personal data. SmartMove provides credit information for tenants, a criminal background check for tenants, and a national eviction report so you have a more complete picture of your context. With reliable information from TransUnion, you can feel safer in your decision to accept a tenant with a co-signer. 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. No Nonsense Landlord states that a co-signer does not help in case of risks based on the personal behavior of a tenant separated from the financial risk.. . . .