Guarantor and joint surety of the lease: roles, differences and responsibilities
Requesting one or more guarantors from your tenant is a way to secure your rental income.
This is not an obligation, especially since more and more landlords are using a rent guarantee (GLI). However, the combination of GLI and guarantor is theoretically impossible, except if the tenant is a student or apprentice. Nonetheless, this can ensure the smooth running of your rental investment.
If you choose to make the request, here’s what you need to know. We talk interchangeably about guarantor or security for the rental lease. This can be a physical person or a legal entity. Its role - and not the least - is to pay the rent and the rental charges if the tenant were to default.
Simple guarantee or joint guarantee 👯
The act of guarantee 📃
In order for the guarantor to be engaged, they must complete a written guarantee deed. This tripartite document (between landlord, tenant, and guarantor) can be established directly amicably or before a notary. The guarantee deed stipulates:
The type of guarantee: simple or joint;
The amounts covered by the guarantee: rent, utility charges, taxes, repairs, interest…;
A duration of validity (in order to avoid any inconvenience in the event of tacit renewal of the lease in particular).
A downloadable example 📩
Once is not customary, we do not leave you with just this simple information. We are providing you with a blank joint surety deed, ready to use...
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