Legal Q&A:

Legal Q&A: Applicant’s employer has offered to cosign

February 20, 2018

Question: I have an applicant for an apartment who informed me that she had bad credit because of her ex-husband’s irresponsibility. Her current employer has offered to cosign. Is this a good idea to accept him as a cosigner, and how would this be done?

Answer: You should first determine whether or not you are going to have a policy of accepting applicants with bad credit on the condition they have a cosigner, in order to stay within fair housing laws. You should then decide what criteria the cosigner must meet, such as credit history, income, residency in the local area or at least in the state. Finally, require the cosigner to sign a separate guarantor agreement reviewed by legal counsel.

Question: We lease out a condominium and do not wish to renew the lease when it expires. Should we give a 90-, 60- or 30-day notice? What form should we use to terminate the lease?

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