You are here

What is a Guarantor in an Apartment Agreement?

When you are working on moving into an apartment, there is a lot of paperwork that you need to sign and send in. There may also be some situations where the landlord is going to ask you to have a cosigner or a guarantor who will sign with you before you are allowed to rent out an apartment. This may happen when you have credit, income, or a rental history that does not meet the requirements of the landlord. But what is a guarantor and why would you need one?
The guarantor is going to be like a financial safety net for a tenant in case the tenant is unwilling or unable to pay their rent during the month. This allows the landlord to still get the amount they are owed for the rent, even if something happens to the tenant. If the tenant does not pay, then the guarantor is required to.
The requirements to be a guarantor can vary, but usually it can be anyone who has the financial means to pay for the rent. This can be a third-party guarantor server, a friend, or a family member. Just because the individual is the guarantor does not mean they are allowed to live in the apartment like a tenant though, so it is important to remember this.
It is possible that you will need one of these guarantors if you have some issues with your application. If your income is on the lower side for the apartment, the landlord may require this person to be there for you. If you are just renting your first apartment, the landlord has no idea how well you pay your bills and will want one. Those with limited or bad credit history may be required to have this individual too. The guarantor will need to have collateral, a stellar credit history, and steady income to help out if the primary renter ends up failing to pay rent.
When you are looking for apartments in Willow Park, TX, you need to come and stop by some of our great units. We have worked to create a living space that you are sure to love, no matter if you plan to live on your own and need a studio apartment or need to have room for your family or a few roommates. We are proud to offer some of the best amenities in the area as well, providing you with a place that you will want to call home. Come and take a tour of some of our units and see if this is the place you will call home.