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Liability of apartment co-signer
Posted on 6/9/21 at 10:53 am
Posted on 6/9/21 at 10:53 am
My niece unfortunately did not have great parents from the financial side and can't qualify for an apartment lease. She is currently a junior in college and I would like to help her out. However as expected it is either get a co-signer or pay the entire year up front.
From a liability point of view sounds like I'm liable for anything just like the tenant. I'm not worried about the rent payments but more about any unforeseen damages/accident etc...
Guessing there is no way to really protect myself besides not co-signing?
From a liability point of view sounds like I'm liable for anything just like the tenant. I'm not worried about the rent payments but more about any unforeseen damages/accident etc...
Guessing there is no way to really protect myself besides not co-signing?
8
Posted on 6/9/21 at 11:02 am to UltimaParadox
quote:why can’t she qualify? Did her parents take out credit in her name or something?
did not have great parents from the financial side and can't qualify for an apartment lease.
Posted on 6/9/21 at 11:05 am to UltimaParadox
quote:
or pay the entire year up front.
help her with this.
she pays you back.
Posted on 6/9/21 at 11:06 am to WDE24
quote:
why can’t she qualify? Did her parents take out credit in her name or something?
She qualifies credit wise, but not income wise
Posted on 6/9/21 at 11:07 am to Chad504boy
quote:
she pays you back
Uh... That's my niece. Must be different where you are from
Posted on 6/9/21 at 11:10 am to UltimaParadox
quote:I probably wouldn’t co-sign. In general, without looking at the specific language of the contract, any liability/duty owed under the lease would be on you.
She qualifies credit wise, but not income wise
Posted on 6/9/21 at 11:16 am to UltimaParadox
You might be able to satisfy the landlord with a guaranty agreement from you that promises to pay niece's rent obligations but not any other liabilities she may incur under the lease.
You would not be on the hook as a tenant who could be responsible for damages to the property or liability to a guest. You just have to back her up on the rent.
The LL may go for that. If they do, you may have to pay a lawyer to draft a guaranty agreement that reflects the terms. You could try drafting it on your own, but I don't recommend it.
You would not be on the hook as a tenant who could be responsible for damages to the property or liability to a guest. You just have to back her up on the rent.
The LL may go for that. If they do, you may have to pay a lawyer to draft a guaranty agreement that reflects the terms. You could try drafting it on your own, but I don't recommend it.
Posted on 6/9/21 at 11:22 am to Twenty 49
quote:
guaranty agreement from you that promises to pay niece's rent obligations but not any other liabilities she may incur under the lease.
Looks interesting will take a look... Thanks!
Posted on 6/9/21 at 11:43 am to UltimaParadox
as a cosigner you will assume all liability that you would as a primary signer
Make sure she / you have renters insurance with liability not just contents protection
Make sure she / you have renters insurance with liability not just contents protection
Posted on 6/9/21 at 11:43 am to UltimaParadox
I've been a guarantor for my son before and it was not a big deal as he's very responsible. I also sign his paycheck so that helps.
Posted on 6/9/21 at 1:00 pm to UltimaParadox
Renters insurance?
Posted on 6/9/21 at 1:38 pm to UltimaParadox
As others have mentioned, make sure she has renters, adds you as additional insured ($0 cost), and rest easy.
Super simple process for peace of mind.
Super simple process for peace of mind.
Posted on 6/9/21 at 3:14 pm to Twenty 49
quote:
You might be able to satisfy the landlord with a guaranty agreement from you that promises to pay niece's rent obligations but not any other liabilities she may incur under the lease.
You would not be on the hook as a tenant who could be responsible for damages to the property or liability to a guest. You just have to back her up on the rent.
That's exactly what I was thinking... see if complex will accept a rental guaranty instead of co-signing the entire lease agreement.
They may not, though, because they may want someone that can cover the damages if any occur.
I would imagine many college students don't have the income to qualify and thus as mommy and daddy are paying it, they co-sign with the actual tenant.
Posted on 6/9/21 at 9:19 pm to UltimaParadox
Probably a better chance of making an agreement with a landlord that owns individual units than a large complex.
Posted on 6/10/21 at 6:43 am to UltimaParadox
If possible pay it all up front. I somehow unchecked the 'automatic payment' button and was walloped yesterday with a $100 late fee just 6 days after the first of the month. I'm paying the remaining 8 months in full tomorrow and will ask for that $100 back. 
Posted on 6/10/21 at 7:04 am to Scooba
quote:
Renters insurance?
It's been a LONG TIME since I've rented, but when I did rent I had renter's insurance. As I recall, unlike homeowner's insurance, there weren't many options. It was just a set price for a specific term. It was pretty damn cheap. And, AS I RECALL, it only covered my loss of possessions. It did not cover intentional or negligent acts of mine that damaged or destroyed the place.
I doubt any sort of renter's insurance would cover any sort of damage CAUSED BY the intentional or negligent act of the lessee. Renter's insurance is mainly for accidents and Acts of God situations. So, if the place catches on fire (and it's not her fault), her possessions would be covered. If she held a Meth Party and she or one of her guest intentionally or negligently burns the place down, I don't think there's a renter's insurance policy that would cover that.
This post was edited on 6/10/21 at 7:11 am
Posted on 6/13/21 at 1:20 pm to MMauler
quote:
I doubt any sort of renter's insurance would cover any sort of damage CAUSED BY the intentional or negligent act of the lessee.
A quick google suggest that the typical renter policy includes $100k of liability coverage for the accidental and unintentional acts of the tenant. Similar to homeowners liability coverage. Intentional acts are almost always excluded from coverage under any kind of liability policy.
Posted on 6/13/21 at 6:16 pm to Twenty 49
quote:
A quick google suggest that the typical renter policy includes $100k of liability coverage for the accidental and unintentional acts of the tenant. Similar to homeowners liability coverage. Intentional acts are almost always excluded from coverage under any kind of liability policy.
I would recommend against cosigning with anyone who would intentionally break stuff
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