As a co-signer, what am I responsible for?
A cosigner is a guarantor of a rental agreement.
A cosigner agrees to be financially responsible if the tenants fail to pay rent, default on their tenancy, or cause damage to the unit. A cosigner does not co-sign for one person, but co-signs for the entire property. Just as all tenants on a rental agreement are jointly and severally liable for the property, the cosigner is as well.
The person asked to cosign for a prospective tenant usually has a good credit score and a lengthy credit history, which greatly improves the prospective tenant's odds of approval. Co-signing isn’t something that you consent to for only a few months. Once you accept this responsibility and sign the documents, you must remain as a cosigner for the property until the tenancy terminates.
As a cosigner, you are responsible for the entire tenancy, meaning if you are cosigning for someone who will have roommates you are responsible for all of the roommates, not just a single person. If we are requesting a cosigner, the prospective tenant is lacking in one or more of our three qualifying criteria.
- Rental History
- Income Documentation (Applicant must make 3 times the monthly rent)
- Credit History
Cosigners must apply online for the property by filling out the same application the prospective tenant is applying for. You will do so by visiting Rent.RPM101.com and locating the property. Select the "Apply Now". You will need to fill out the application in its entirety, and when you reach the portion where it states "Will you be only person who will be occupying this unit" you will state for whom you are cosigning for, and that you are indeed the cosigner. If requested, we can directly email you an application for the property.
You will be charged a $42.00 processing fee to be verified with our company. We will run credit history, eviction history, and background history. The cosigner is to make 3 times the monthly rent the prospective tenant is applying for and have excellent credit history.
IMPORTANT: If you will be assisting with rent payments, we may request you provide a statement (which can be texted or emailed or mailed) that identifies the amount you will be giving to the Tenant each month to assist with rent.