Guarantor (Residential)
A guarantor is a third party who agrees to be responsible for some or all of a tenant's obligations if the tenant defaults, typically by signing a guaranty agreement tied to the lease. In residential leasing, guaranties are commonly used when the tenant's income/credit profile does not meet the landlord's underwriting criteria.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Screening / Lease Execution
- Property types
- Residential Leasing
Read more in the Knowledge Base
- Guarantor Strength Modeling: Evaluating Risk Trade-Offs of AcceptingLandlords
- Guarantors and Co-Signers in NYCRenters
- Residential Late Fees - Current New York LimitsLandlords
- Residential Property Exit StrategyBuyers
- Environmental Hazard Screening for New York Residential PropertyBuyers
Related terms
Residential Leasing Terms
- Application Fee Cap (Background/Credit Check Fee)
- Good Cause Eviction
- Late Fee Cap
- Lease Rider (Residential)
- Renewal Lease (Rent Stabilized)
- Rent Stabilization (including ETPA Stabilization)
- Roommate Law (Residential Occupancy Rights)
- Security Deposit (Limit & Return Timing)
- Source of Income (Housing)
- Sublet (Residential)
General information, not legal, tax or financial advice.