Why might I need a Co-Signer?
There are many reasons why Cox Realty may require a Co-Signer for one of our St George rental properties.
If an applicant is close to meeting our screening criteria but doesn’t fully meet it, as an exception, a Co-Signer may be able authorized by Cox Realty to help overcome the challenge.
If there is anyone below the age of 18 (and their parent/legal guardian is not living in the house) then one of their parents/legal guardian’s must co-sign the lease. This is most common with roommates.
What is a Co-Signer?
A co-signer is someone who is not living in the property who is extending their income and credit to guarantee payment of rent and coverage of any damages.
Your lease with Cox Realty will have a Co-Signer addendum. In it the Co-Signer agrees to the following:
- They have no intention of occupying the dwelling.
- They agree to be jointly and severally liable (along with the Tenant(s)) for any and all Tenant’s obligations.
- They promises to personally guarantee the Tenant(s) compliance with the all lease obligations.
- They understand that they may be required to pay for rent, cleaning charges, utility charges, fees, fines or damage assessments (etc.) in such amounts as are incurred by the Tenant(s).
- They understand that if the tenant’s obligation are not paid, the owner of the property may pursue legal options to obtain a judgment against both the tenant(s) and the Co-Signer.
- In addition, the Lessor may pursue collection procedures and recover debt from both parties as well as report the debt of both the tenant(s) and cosigner to all three credit bureaus.
- They understands that the rental payment data of the Residents may be reported on their credit report to the credit agencies.
- They agrees that we may conduct background, criminal history, and credit checks at any time after application, during the term of this Agreement or thereafter so long as there is an outstanding balance due to the owner.
- They understand that they will not be released from the lease even if one or more tenant vacates, moves, or otherwise abandons the property until all occupants and tenants have vacated the premise.