3co-occupants+3co-signers=6liable indivs??

[BRUCErulz]

What is the name of your state?GA

My daughter and 2 of her friends will be leasing an apartment near their college in Atl. All 3 girls are under the age of 21. The leasing office wants all 3 co-applicants to have co-signers. Does that mean that all 6 parties will be liable for the lease payments? Is that not a bit much? How would I protect myself against the other 2 girls should they bail out leaving me the debt? Sounds like a sweet deal for the apt complex but not so much for each indiv.
Would I be just as well off as the sole guarantor? How would a judgement be obtained from 6 liable parties in the event the lease were broken?

steveO

 

[longneck]

if the lease agreement is broken (or excess charges, or whatever), the LL will go after whoever is most convenient and demand full (re)payment. the LL has no obligation to go after everyone to split the costs.

you have two options:

1) convince the LL to write three separate leases. (not likely)
2) get a written agreement between the 3 parties that all three parties will be responsible for one-third of the costs. be specific, like what happens if one of the tenants bugs out early, or damages are limited to one tenant's bedroom, etc. if you ever need to make a change to the agreement or an exception, make sure it is in writing. the lease probably has a clause excluding oral agreements. take that as an example.

also read through all of the posts in this forum with the word "roommate" in the heading so you are prepared for what can happen.

 

[BRUCErulz]

further considerations...

Ok. So I assume that the free market will dictate just how badly the LL needs to rent the apartment, which would subsequently affect the LL’s requirements of a tenant concerning number of liable parties, credit score of those parties etc.

Where might I find a template or an example of a written agreement that would be used between the 3 parties? (would the LL have these on hand considering it would not effect them?) I know what I would want the agreement to accomplish, but I am not a technically proficient legal editor or document drafter.

Also, the LL wanted me (co-signer) to fill out an “occupant application” as well as signing a guarantor document. As I will not be an occupant, why not simply a “guarantor application”?

Lastly, I requested a copy of the lease that would be used when all parties were assembled for the “closing”. Instead I received a form showing some of the numbers and dates that would be involved with the lease, and was informed that the final document would not be available for inspection until it was time to sign it. Are there any fine print details that are typically overlooked in such a “hurry up and sign it” situation?

thanks!
steveO

 

[longneck]

Where might I find a template or an example of a written agreement that would be used between the 3 parties?

i doubt you'll find one on the internet. this will have to be an original creation. that was part of the reason i suggested looking at all of the posts with the word "roommate" in the title so you can try to anticipate as many situations as possible.

(would the LL have these on hand considering it would not effect them?)

nope.

I know what I would want the agreement to accomplish, but I am not a technically proficient legal editor or document drafter.

hey, you've already got something going for you. you write better than 90% of the other posters here. seriously, go read some other posts and you'll see what i mean.

Also, the LL wanted me (co-signer) to fill out an “occupant application” as well as signing a guarantor document. As I will not be an occupant, why not simply a “guarantor application”?

because you will be co-signing the lease. he wants to know just as much about you as he does the actual tenants. he's going to use that to decide if he actually wants to sign the lease or not.

Lastly, I requested a copy of the lease that would be used when all parties were assembled for the “closing”. Instead I received a form showing some of the numbers and dates that would be involved with the lease, and was informed that the final document would not be available for inspection until it was time to sign it. Are there any fine print details that are typically overlooked in such a “hurry up and sign it” situation?

i defer to the wisdom and experience of the "senior" members on this on.

 

[south]

I love this kind of lease......

Yes.. All 3 girls are individually responsible for the full amount
Yes.. All 3 guarantors are individually responsible for the full amount.

I have a house with 4 students and 4 guarantors each of the 8 are individually responsible for the full amount of rent.

Trouble with these kinds of deals is that the daughters/sons always swear blind they will be good and pay their rent, the guarantors get sucked in then the little ****s mess up, normally within 8 weeks of moving.

If you are going to guarantor, make sure the tenants understand the concept that a rental is not the same as living at home at least that way you are only 99% screwed.

P.S Do not bother running to a lawyer when the **** hits the fan or when some tenants disappear; it will not help you, I am currently going through it with guarantors the most they have been able to do is threaten me with lawsuits to have their names taken off, response LMAO..

What is the name of your state?GA

My daughter and 2 of her friends will be leasing an apartment near their college in Atl. All 3 girls are under the age of 21. The leasing office wants all 3 co-applicants to have co-signers. Does that mean that all 6 parties will be liable for the lease payments? Is that not a bit much? How would I protect myself against the other 2 girls should they bail out leaving me the debt? Sounds like a sweet deal for the apt complex but not so much for each indiv.
Would I be just as well off as the sole guarantor? How would a judgement be obtained from 6 liable parties in the event the lease were broken?

steveO