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.
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:
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.
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.
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.
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!
The home of your dreams is waiting: get your Lease Guarantor Form notarized!
Head to Notarize to get started.