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Thomas McJD
Thomas McJD, Lawyer
Category: Landlord-Tenant
Satisfied Customers: 46
Experience:  Landlord-Tenant Law Expert
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Can you provide a document which can be used with a residential sublea

Customer Question

Can you provide a document which can be used with a residential sublease to guarantee payment under the lease? I'm interested in limiting the guarantor liability to only any monies due under the term of the lease.
Submitted: 1 year ago.
Category: Landlord-Tenant
Expert:  socrateaser replied 1 year ago.
Hello, Ordinarily, a residential lease agreement can be quickly modified to make the primary tenant liable for the sublessee's default. If that's what you're trying to do, I can give you some appropriate "legalese." If you're seeking to create a third party guarantee, then that would require an entirely separate agreement. Please let me know what you're trying to accomplish.
Customer: replied 1 year ago.
Someone who “cosigns” a lease signs the lease. Even though the term “cosigner” sounds as it means you have a lesser role, or somehow only come into play as a back-up (like a “copilot”), in actually anyone who signs a lease is fully liable on the lease. That means that cosigners are potentially liable for damage to the premises, for example, or for legal claims against the apartment or leased premises; they are potential liable to the same extent as anyone else on the lease, even if the cosigner does not reside there. Therefore, to cosign a lease is to expose yourself to all the potential liability that being a tenant could expose you to.Guaranteeing payment under a lease therefore limits your liability to “only” any monies due (such as the rent) under the lease. As a guarantor, your liability is limited to that which you specifically undertake or assume—in this case, the tenant’s monetary obligations to the landlord under the lease.Read more: http://real-estate-law.freeadvice.com/real-estate-law/landlord_tenant/cosigning-apartment-lease-liability-consequences.htm#ixzz3hOqfaOMv
Under Creative Commons License: Attribution
Follow us: @FreeAdviceNews on Twitter | freeadvice on FacebookPlease take a look at the explanation here clarifying the difference between a cosigner and a guarantor. I'm planning to guarantee the lease payments for my daughter's apartment lease. The form the management uses does not limit my liability to only any monies due under the term of the lease terms. I want to limit my liability and am looking for a standard legal form of a lease agreement which accomplishes this to offer in place of the one they use. I've searched Bloomberg legal documents but I haven't found what I'm looking for.
Expert:  socrateaser replied 1 year ago.
I see. I thought you were the landlord. You're the person who is trying to guarantee the lease for a tenant. I don't see any standard forms that provide a limited guarantee, in the manner you describe -- that's principally, because few landlords would accept that sort of limitation. Again, I can draft a quick form that you can offer to the landlord to act as guarantor. But, I would have to send you an additional services request so that we could take this matter offline. You may accept or decline the request at your convenience.
Customer: replied 1 year ago.
Can I email you later if I decide to accept additional services?
Expert:  socrateaser replied 1 year ago.
The offer will sit on the website for several days. You may acceptor decline at your convenience.
Customer: replied 1 year ago.
So I can just go back to my.justanswer.com and find this online conversation?
Expert:  socrateaser replied 1 year ago.
I believe so. However, I "justanswer" the questions, so if you want to be certain, you'll have to contact customer service. I've never used the customer interface, so I have no idea how it works.