Legal Question in Real Estate Law in Pennsylvania
landlord rights
I have been asked to have a cosignor on my commercial lease since I do not own a house. This is the first business I will be owning. I understand the landlord wants security knowing he will be paid all dedts. My concern is if i have a cosignor why does my cosignor have to have the 3rd degree from the landlord. meaning he wanted her to sign over her house and he wants her to have a balance sheet. knowing she can afford to cosign for me why so much of the concern from the landlord?
2 Answers from Attorneys
Re: landlord rights
The landlord is looking for some assurety the lease will be paid, if you do not go down the path of the co-signor maybe the landlord will accpet an extra month of security deposit. If you cannot afford that and do not want a co-signor look for another building with a more flexible landlord.
Brandon Barnett, Esq
412-916-1677
www.youresquire.net
Re: landlord rights
When a co-signor is required to strengthen the credit of the tenant, the landlord is going to take a good look at the financial information about the co-signor, on whose credit the landlord is relying.
It does seem a bit over-reaching to require the co-signor to give the landlord a mortgage on her/his home.
You and the co-signor should consult local attorneys to advise each of you (you have different interests) about the risks you are taking and the rights you may be giving up.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
