Legal Question in Real Estate Law in Maryland
Co-signer responsibilities
I have been ask to co-sign rental lease for apartment. But, before I do that, I would like to learn about all repercussions and responsibilities associated with this act. If the person rent this apartment doesn't pay the monthly rent on time, am I automatically responsible to make this monthly payment? If the payment is not made on time dos it reflects on my credit report, just for being co-signer? Please explain the responsibilities and basics of co-sign low.
Thank you very much
1 Answer from Attorneys
Re: Co-signer responsibilities
There are two levels or phases. I assume first of all you are not residing on the premises, so you are simply a guarantor. You are probably the one with the good credit. First, the rent will become due or overdue and since you are not living there, they can only proceed first agst. the occupier or tentant to force payment or terminate the occupancy. Technically you are ultimately liable. THe owner can also then(2nd level) go and get a judgment against you for back rent money owed, since you guaranteed payment. This usually happens once the lease has been held to be delinquent and non-renewable. You have recourse agst. the person you signed for but since that person has no credit or money, you may neer get reimbursed. Call for more info: Joe Trevino, 1800-924-6217
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