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I’ve always said, along with religion and politics, guarantors are one of those difficult subjects to address. As no-one is immune from an everyday accident that could lead to money being taken off their deposit, being a guarantor is not to be taken lightly.
A guarantee is when a third party to the tenancy agreement undertakes to pay the sums due by the tenant under the terms of the lease, and their rental debt if the latter fails to pay their rent or charges.
The guarantee can indicate that the obligation extends to repairs for which the tenant is liable, damages and loss during the tenancy, and occupation rent; however the guarantor is not liable for any obligations that are not incumbent on the tenant such as repairs for which the tenant is not liable: no such clause would be enforceable.
There are two types of guarantor:
1. Simple guarantor:
the simple guarantor is only required to pay if
the tenant is insolvent or if
any legal action against the tenant fails.
However, if the simple guarantee contains a clause stating that the guarantor waives any right to the benefit of discussion,
in other words the ability of the guarantor to demand of the landlord that the tenant’s assets be seized and sold first,
the landlord may approach the guarantor before taking any action against the tenant
2. Joint and several guarantor:
This is more restrictive as the guarantor and the tenant are equally liable: in other words, the landlord may choose to approach either party.
© Fotolia.comHélène Baratte
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