As a renter, you may find yourself in a situation where you don`t meet the requirements for a rental application, such as having a low credit score or income. Here is where a cosigner may come to the rescue. A cosigner is someone who agrees to take on the financial responsibility of the rental agreement if you cannot meet your obligations. A cosigner addendum is a legal document that adds a cosigner to the rental agreement and outlines their responsibilities.

A cosigner addendum is a great option for renters who can`t meet the landlord`s qualifications on their own. It`s important to note that a cosigner is responsible for paying rent, fees, and damages if the primary tenant fails to do so. Therefore, it`s essential to choose a cosigner who is reliable and financially responsible.

When adding a cosigner to your rental agreement, both parties should review and sign a cosigner addendum, which is a legal document outlining the terms of the agreement. The addendum should include the following information:

1. Name and address of the cosigner: This information should be included so that it`s clear who is responsible for financial obligations.

2. Length of responsibility: The length of time that the cosigner will be responsible should be stated in the addendum. It is typically for the duration of the lease.

3. Financial responsibility: The cosigner must agree to take financial responsibility for any rent or damages owed if the primary tenant fails to pay.

4. Notification requirements: The addendum should outline how the primary tenant would notify the cosigner of any missed payments or damages.

5. Termination clause: The addendum should also outline the circumstances under which the cosigner`s responsibility would no longer be necessary, such as if the primary tenant pays all rent and damages owed.

Adding a cosigner to your rental agreement can help you secure a rental property that you may not have been able to obtain on your own. It`s essential to make sure that both you and your cosigner understand and agree to the terms outlined in the addendum. Remember that a cosigner`s credit score and financial stability are on the line, so choose your cosigner wisely.