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Difference between co-signer and guarantor on a lease.

Customer Question
Difference between co-signer and...

Difference between co-signer and guarantor on a lease

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

Chicago

Lawyer's Assistant: Has any paperwork been filed?

Not yet

Submitted: 10 months ago.Category: Legal
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Answered in 2 minutes by:
9/22/2017
Lawyer: Barrister, Attorney replied 10 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 43,052
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

You may also be offered a phone call, but those don’t come from me and are offered by JustAnswer. If you have requested a phone call with an attorney, your request will post to other experts that do offer this service. When another attorney accepts your request you will get additional instructions.

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There is no practical difference other than the fact that a co-signer will often also be a tenant while a guarantor is normally just someone who is saying that if the prime tenant doesn't honor their financial obligations, the landlord can come after the guarantor.

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Guarantors are often parents, while co-signers are most often other tenants. But both are entirely liable for the debt if the primary tenant defaults..

As an aside, in addition to being an attorney, I have also been a landlord for over 26 years...

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thanks

Barrister

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Customer reply replied 10 months ago
Is there the same liability for co-signer vs guarantor? I don't mean for the rent payment but for any damages to the property?
Lawyer: Barrister, Attorney replied 10 months ago

Yes, they are both entirely liable if the primary tenant defaults financially or causes damages... So different terms, but same liability.

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Lawyer: Barrister, Attorney replied 10 months ago

Hello again,

.

I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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