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Has anyone ever had a parent or family member co-sign a lease agreement?

If so, how did it work out? Please give me any and all info you have on this!

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Svarne

Asked by Svarne at 2:00 PM on Jun. 12, 2009 in Money & Work

Level 1 (0 Credits)
Answers (5)
  • Whoever co-signs on a lease will be responsible for unpaid rent, seeing out the lease if the tenant chooses to leave before it's up... and any damages to the property they don't take care of. I'm not sure if an eviction will go on their credit ?
    mizsaxton

    Answer by mizsaxton at 2:07 PM on Jun. 12, 2009

  • The reason I am asking is bc my husband & I put in a application for a lease to own property and since our credit got a little out of wack...the owners are considering asking for a co-signer. Our rent is always paid on time. I just want to know all the info I can if i have to ask my parents.
    Svarne

    Answer by Svarne at 2:13 PM on Jun. 12, 2009

  • I would say really look into any lease to own arrangement to begin with alot of times people are willing to pay more monthly because they see in the future it will be theirs ... my friend works in real estate and says more often than not these families are getting scammed. You need to look at how much you are paying up front as well often times it's ALOT alot of times people get the boot from the owner so they aren't as secure as they think. How did you find this place?
    mizsaxton

    Answer by mizsaxton at 2:33 PM on Jun. 12, 2009

  • We found the place thru a real estate agent. What happened is that the owner is a doctor and is transferring down to florida with his fam into a fully furnished home. I have checked the neighborhood out and compared prices and the price they want is right on.
    Svarne

    Answer by Svarne at 4:15 PM on Jun. 12, 2009

  • how can you be sure that the money you pay them gets paid into their outstanding mortgage? i watched clark howard and he said to be very careful and not a whole lot of security for both the owners or the leasers either. you could back out or they could back on the purchase of the home. have you thought of looking into a foreclosure with a co signer.
    melody77

    Answer by melody77 at 5:48 PM on Jun. 12, 2009

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