Guarantor

[Daman]

Hi,

I am in the process of signing a lease for an apartment. My roomate was told that she will need a guarantor/co-signer for the apartment because of some credit issues back in college. My question is, if someone agrees to sign for her, what are they liable for? Is it just rent/damages? or would they be liable if, for instance, someone fell down our stairs and wanted to sue? I appreciate any guidance you can give. Thank you!

[Angelo]

It all depends on what the guarantee says and how it is drafted.  

A typical guarantee is for the benefit of the property owner.  The guarantor sits in the shoes of the tenant, so if there is exposure to the landlord, the guarantor could be responsible to the landlord.  However, under some circumstances, the document could be drafted so broadly that a guarantor could be liable to a third party who is not a party to the guarantee.  

Acting as a guarantor is a serious matter and should only be done with a full and complete understanding of what it means, who you are becoming responsible for, and why. I hope this is helpful.