I have prospective student tenants that I'm about to have sign a lease with me. As part of the application process, I had their parents sign a "Guarantor Agreement" stating they will be responsible for paying all debts with the above mentioned rental unit in the even of default by the tenants named. I feel as though that I should also have the parents sign the lease as well.
What are some best practices out there for making sure that the parent is bound to the lease (I'm sure the simply answer is having them sign the lease)....Is the Guarantor Agreement enough?
You want them Not on the lease. They'd have occupancy rights/eviction requirements for them too.
We have a lot of student rentals and always just have the parents sign a co-signer agreement. That has protected us well in the past and unless your state has some weird laws, should do fine by you as well.
Thanks Andrew and Wayne!
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