Property Rental Guarantor Form

Tips For Using the Property Rental Guarantor Form Template

As a landlord or leasing agent having a property rental guarantor form protects you from potential financial losses. The property rental guarantor form is a document that states that someone else will pay your property rent if the tenant doesn’t.

Why Property Rental Guarantor Forms?

Property rental guarantor forms protect you from financial losses you could incur if a  doesn’t pay their rent or damages your property.

By signing a property rental guarantor form, the guarantor legally agrees to pay the rent or cover the costs of any repairs if the renter can’t pay. This gives you more confidence in accepting tenants with a low income, a poor credit history, or no previous renting experience.

How Do I Create a Guarantor Form?

The most effective way to create a property rental guarantor form is to use a customizable template that contains all the clauses and information you need. This will save you time and money compared to hiring a solicitor or legal advisor.

Here’s how to create a property rental guarantor form with a customizable Formplus template: 

Step 1- open the property rental guarantor form template

Step 2- Edit form questions to fit your property and terms of agreement.

Step 3- Set up your preferred settings- submission notification, offline access, and others.

Step 4- Share your form with tenants and guarantors via email, QR code, social media, or embed on a webpage.

Step 5- Collect and monitor guarantor responses

What Should Be on a Guarantor Form?

A rental guarantor form should include the tenant, landlord, leasing agent, and the guarantor's name and contact details. It should also have the property description, rent amount, duration, and tenancy agreement terms.

Most importantly, the property rental guarantor form should clearly state the conditions that make the guarantor liable. You also have to collect the signatures of all parties involved to make the agreement legally binding.

Who Can I Use as a Guarantor?

Any adult can be a guarantor, but it’s important to select a guarantor with good credit and a stable income. A guarantor has to be someone you can rely on to pay the rent if your tenant doesn’t make it.

The guarantor should also be someone who you trust to be able to pay the rent if the tenant is unable to do so. For example, you can use a parent, relative, friend, coworker, employer, or even a professional guarantor service.

Also, not, everyone can be a guarantor, for example, a partner or co-tenant that shares the property. You also can’t accept someone with poor credit history, financially bankrupt, or who lives outside the country.

Avoid paying out of pocket for property repairs and financial losses if tenants fail to pay their rent. Use the formplus property rental guarantor form template!