Monday, October 18, 2010

Don't Let the Co-Signer Off the Hook!

Many property owners ask for co-signers in situations that involve students with limited income or renters with poor credit. If you ask for a co-signer you will need them to complete a separate agreement that stipulates that they agree to pay rent and damages if the primary tenant fails to pay.

Most property owners get into trouble when they make changes to the lease with out the co-signers written approval. This can be adding or deleting a person to the lease. Adding pets to the lease or even renewing the lease if the co-signer does not sign the new lease.

How do you avoid problems? Its easy, just make sure you get the co-signers signature every time you make a change to the lease agreement.