Guarantors

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Dynamite
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You may have a prospective tenant who you think will look after the property well, and make a good tenant, but whom you think may have financial difficulties in paying the rent. In such a case, if the tenant got someone to stand as guarantor, that person being financially secure (ideally a house owner in full-time employment, not another tenant), you will have a backup if the tenant falls into arrears. It is important to reference the guarantor as well as the tenant, to make sure they could meet this commitment if the tenant defaults on rent payment. A copy of the tenancy agreement must be given to the guarantor, as he/she must know exactly what he/she is guaranteeing. Donít forget, though, if the tenant signs a new agreement, or the agreement is renewed for another fixed term, you will need to get a new guarantee signed.
22/03/2008 00:00

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