What is a co-signer?
A co-signer is a third- party individual who agrees to assume all responsibilities involved in a Tenancy Agreement. A co-signer will be held fully responsible should the tenant default on their rent payments. A co-signer is also responsible for any other financial debt that the tenant owes the property management company, such as damage to the apartment or outstanding utility bills.
Do I need a co-signer?
Some applicants require a cosigner if they do not meet qualifying standards (eg. poor or no credit rating, bad debt, low income, no rental history, etc).
Will a credit check be done on a co-signer?
Yes. A property manager needs assurance that the co-signer is financially able to assume the rent payments along with their own living expenses. A credit check will be done to ensure that the co-signer can afford the rent payments/debts owed should the tenant default.
Who can be a co-signer?
Anyone that can financially take on the risk of being a co-signer for your unit. A co-signer must fully understand the Tenancy Agreement and they are also required to sign the lease.
If you require a co-signer form, one can be downloaded here.