My friend has offered to co-sign my rental lease.
Does that mean he is allowed to get a set of keys to MY apt.?
How does this really work?
If he is allowed to keep a key to the apt. ,can I change locks?
Could this cause me any troule at all as long as I pay the rent,even a couple a months in advance????
I will be the one paying the rent,
and I will be the only one living there!
If my friend CO-SIGNS my rental lease...?
You do not need to give your friend a key and you CAN live alone. All a co-signer is is someone that will HAVE to pay your rent if you fail to do so. As long as you pay your bills, you are ok, no worries :)
If my friend CO-SIGNS my rental lease...?
Usually you can't change the locks. The owner of the apartment is the only one who can do that.
Basically if means you don't have enough credit history/GOOD credit history to rent the apartment by yourself. You need someone else to say %26quot;Yes, I will stand behind this person to prove that s/he can rent this apartment.%26quot;
Meaning if you can't pay the rent, guess who gets punished? Oh yeah, the person who co-signed.
He should get a copy of the keys.
However, to the friend: DO NOT, DO NOT, DO NOT co-sign on this lease. A person should NEVER co-sign for anything. You have no control and will be fully responsible for the lease if it is broken.
If your friend is nice enough to co-sign your rental lease...shouldn't you be nice enough to share your keys....
What a co-signer means is that they accept full responsibility should you fail to pay your rent or keep up your end of the bargain...
You want him to take on 100% of the risk and have no perks? Wow........ Shouldn't he have the right to enter incase you take off in the middle of the night instead of having to go through legal channels to get into HIS apartment?
In essence he is renting the place. If you don't trust him enough to have keys to a place he is responsible for, you shouldn't be involved with him at a cosigning level.
If he goes for it, He's a fool.
You friend isn't too smart in my book. If he/she co signs, they become legally liable for seeing that the rent is paid. Do you and they know this? If you decide to cut and run, they could be sued in court for the balance of the rent on your lease. Doesn't matter that you're living there. A lease is a legally binding contract. Frankly, I won't co sign for anyone, not even my kids! It's just bad financial decision.
