Co-Signer, NJ - Landlord Forum thread 341254

Co-Signer, NJ by Anonymous (NJ) on November 30, 2015 @14:38

I have prospective T who will have co-signer. We will be checking credit, income etc for co-signer and will have co-signer form signed by co-signer but I want to know how it works?
1. Do I need co-signer also sign a lease? 2. Are T called holder or T? 3. In case if there is violation, do I need to send notice to both T and Co-signer? 4. Wt happens if after few months, co-signer stops paying and T does not have money to pay. Who gets notice? 5. Will eviction be as easy as T did not pay?

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Re: Co-Signer, NJ by Garry (Iowa) on November 30, 2015 @16:22	[ Reply ]

WHY would you take a co-signer, unless your unit is EXTREMELY hard to rent? As all your questions indicate, you could have all kinds of problems in the future, and find them very hard to rectify, with a co-signer in the mix. The simple solution is to PASS on this prospective T. Just wait, and keep advertising. There will always be another T that comes your way.

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Re: Co-Signer, NJ by Anonymous on November 30, 2015 @21:12	[ Reply ]

You should keep on looking as you have no idea how to handle a co-signer and tenant lease agreement.

Re: Co-Signer, NJ by Anonymous on December 1, 2015 @13:51	[ Reply ]

Personally, I always sign the co-signer onto the lease as a tenant, jointly and severally liable with the actual tenant. You have an advantage with the LL/T law on your side that way, rather than just contract law. And it only takes one action to oust a deadbeat and get a money judgment for unpaid rent & damages, if necessary.

Re: Co-Signer, NJ by anon on December 1, 2015 @22:05	[ Reply ]

It's all to both. A co-signer is a co-tenant. The co-tenant gets all notices of late rent, lease violations, pet problems, etc.