Necessity
Tenants often need guarantors to secure rental agreements, ensuring landlords can recover unpaid rent or damages.
Implications
Guarantors assume liability for the tenant’s obligations. If the tenant fails to pay, the landlord can pursue the guarantor’s assets, impacting their personal finances and credit history.
Advice Covers
- Duration and extent of liability for the guarantor.
- Conditions under which the guarantee can be revoked or modified.
- Understanding the guarantor’s rights and duties under the tenancy agreement.
- Impact on the guarantor’s own credit and financial standing.