You just found the rental apartment of your dreams. But conventional rental rules call for tenants to make 4 times the monthly rental rate to determine affordability.
If you don’t make the salary requirements for your dream rental home, you have another option: getting a lease guarantor.
What is a lease guarantor form?
As the name suggests, a lease guarantor form guarantees the owner of a property that someone is financially and legally liable for a particular lease agreement. The person liable could be either the tenant or a third party such as the renter's parent or friend.
Your landlord may require a lease guarantor for a variety of reasons, such as:
- You’re not able to make the monthly rent or in the event there is damage to the rental and you're not able to pay, the person or third party you name in the lease guarantor form would then be liable for outstanding costs.
- You might have less than stellar credit and need a guarantor to qualify for a lease agreement.
- You’re a student looking to rent your first apartment but you have no rental history, a lease guarantor form might help to put your landlord’s mind at ease.
These are just a few of the most common use cases for a lease guarantor form but your situation might fall outside these examples. It’s best to ask your potential landlord about whether or not they allow guarantors prior to applying for the home and under what conditions it needs to be executed.
Does a lease guarantor form need to be notarized?
In short, yes.
If a landlord requests a lease guarantor form as part of your application for a home, they oftentimes will ask that it be notarized. In notarizing a lease guarantor form, the notary public verifies the identity of those signing and confirms their willingness and understanding of what they’re about to sign. Once executed, the guarantor becomes both financially and legally obligated to cover any expenses or damages.
Who can be a lease guarantor?
A lease guarantor can be anyone who can help you meet the landlord’s requirements for renting a home. For example, if your landlord requires references from all rental homes you’ve lived in in the past seven years, but you’re renting your first apartment, your parents might be able to serve as your guarantor.
Or, if you have not so great credit, a relative or friend who can be named on the lease guarantor form in case you’re not approved for the home on your own. In the event they’d have to exercise the guarantee, they could be called upon to cover that month’s rent or cover damages in the event the home is in need of repairs and you’re not able to cover the costs.
What’s the easiest way to notarize a lease guarantor form?
If your landlord requests a notarized lease guarantor form, rest assured you won’t have to drive around town, looking for a notary public. You can easily get your lease guarantor form notarized online, anytime!
- Download a lease guarantor form. Your landlord may also be able to provide a copy of the form - just ask! When uploading the form online on Notarize, you can use PDF, DOCX, ODT and HTML formats of the document.
- Fill out the form (but don’t sign it!)
- Log on to Notarize and upload your lease guarantor form.
- Connect with one of our notaries online.
The home of your dreams is waiting: get your Lease Guarantor Form notarized!
Head to Notarize to get started.