Ontario Lease Agreement Cosigner

Posted by Admin on Sep 30, 2021 in Uncategorized |

Hello Michael, my daughter is a Grade 3 student in Peterborough, Ontario. She has been in an apartment for 2 years, but she will move to a new place in early May with 3 friends. The new owner asks each of the 4 to have a parent sign as a surety. The lease states that the rent is $2200/month. It is not broken down by person. On the page I have to sign, it says: “I agree to be the guarantor of this lease and assume responsibility for all the obligations agreed here for the tenant of the corresponding number above”. I take this to be responsible for my own child, but I am worried because the agreement states that tenants are responsible for any damage caused by themselves or their guests. How would such a situation work if there were 4 guarantors? The other three parents have already signed the lease. My daughter paid her rent for two years, but I would help her if she needed it. I do not want to sign a legal document that could make me liable for damages or non-payment of rent by the other 3 tenants. Should I worry? Thank you for your time. Karen Hi Linda: I think the new standard form lease agreement is complicated to insert warranty clauses and correctly indicate the guarantor`s obligations in the document. You should add additional clauses at the end of the document and I just don`t think it works very well.

My propensity would be to draw up a guarantee clearly indicating what the guarantor guarantees and for what period. I would say in the guarantee that the deposit guarantees the rent for the initial term and for any continuation beyond the initial period and for the entire period during which the tenant remains in possession and is held responsible for the rent. In addition, I would remove the need to evacuate or immediately terminate the rent due to non-payment of rent and remove any obligation to inform the guarantor of a breach of the rental agreement. In addition, I would like to emphasize that the deposit guarantees the execution of the payment of the rent as well as all the obligations of the tenants, including damages suffered by the rental unit and individuals by negligence, intentional behavior or accident. Once you have designed this guarantee, I would point out in the guarantee that the lease is attached to the tenants for whom the guarantee is offered (which rental contract would not be offered, but for the guarantee). Sign and daz, etc., and provide copies all around. Should you appoint guarantors as tenants? It is an interesting proposal, and I would simply say: keep going.

Copyright © 2020-2022 97D.com All rights reserved.
Desk Mess Mirrored v1.4.6 theme from BuyNowShop.com.