If someone is a guarantor on a rented property, what does it mean?
Answers:
It means that they will be responsible if payments are not made.
As Paul S says, you'll be responsible + any damages if any are done
It means that the person renting is not sufficiently old, trustworty or creditworthy to guarantee payment in the event of default of payment or damage. The guarantor simply guaratees that payments will be made and conditions of the lease will be adhered to, otherwise the fiscal buck stops with him.
I think this means that in the event that the tennants skip early with unpaid rent that you will become liable for their underpayment.Also if the tennants abuse the property in anyway you are liable for the costs of repair beyond the initial bond paid in respect of this.
That if you default on the rent the guarantor is responsible and could be taken to court...if it went that far!
They will pay any outstanding mortgage or arrears should the whole plan go wrong.
They will be held responsible in case if the primary renter defaults on payments/
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