Why Might I Need a Co-Signer?
Cox Realty may require a co-signer when an applicant does not fully meet our standard screening criteria.
A co-signer can help in situations such as:
- The prospective tenant meets most of the requirements but falls short in other search criteria, such as income, credit score, or rental history.
- If someone under the age of 18 will be living in the home without their parent or legal guardian, a parent or legal guardian must co-sign the lease. (This is most common in scenarios with roommates.)
What Is a Co-Signer?
A co-signer is a person who will not live at the property but agrees to use their income and credit to guarantee payment of rent and coverage of any damages or other fees.
Your Cox Realty lease will include a Co-Signer Addendum. By signing it, the co-signer agrees to:
- Co-signer has NO intention to occupy the property.
- Co-signer understands and agrees to be jointly and severally liable with the tenant(s) for all of the tenant’s obligations in the lease.
- Co-signer personally guarantees that the tenant(s) will follow all lease terms.
- Co-signer understands and accepts complete responsibility for paying rent, cleaning charges, utilities, fees, fines, and any damage charges if the tenant(s) fail to pay or meet other terms of the lease.
- Co-signer understands and agrees that if tenant obligations are not met, the property owner may take legal action against both the tenant(s) and the co-signer.
- Co-signer understands and agrees that debt owed by either the tenant(s) or the co-signer may be sent to collections and reported to all three major credit bureaus.
- Co-signer understands and agrees that tenant rental payment history may also appear on the co-signer’s credit report.
- Co-signer understands and agrees that Cox Realty may run background, criminal history, and credit checks at any time after the application, during the lease, or after until all balances are paid.
- Co-signer understands and agrees that the co-signer will not be released from responsibility if any tenant moves out or abandons the property. The obligation ends only when all tenants have moved out and all of the terms of the lease have been satisfied.
The contents of this page are for informational purposes only and do not constitute legal advice. Cox Realty makes no guarantees regarding completeness of the above information. All prospective tenants, co-signers, and lessees should perform their own due diligence and consult the actual lease agreements or a qualified professional if needed.