Q: What is a co-signer? A: A co-signer is an individual who signs a tenancy agreement along with the tenant and agrees to be responsible for the tenant’s obligations. Additionally, a co-signer has the same rights to use the property as the tenant.
Q: What is a guarantor?
A: A guarantor is an individual who signs an agreement stating that they will guarantee the tenant will meet specific obligations set out in the guarantee itself. A guarantor is only responsible if the tenant fails to pay rent on time.
Q: How do I decide between a co-signer and a guarantor?
A: The decision between a co-signer and a guarantor depends on your situation and whether the individual signing with you is willing to share the same rights and responsibilities as a tenant (co-signer) or only step in if the tenant defaults on their obligations (guarantor).
