What is the role of the guarantor?
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What is a guarantor for a rental?
The owner, in order to ensure the solvency of their tenant, may request that there be a guarantor. What does this entail? What is the role of the guarantor? How to proceed? What precautions should you take? Since this is a commitment that should not be taken lightly, let’s review the legal aspects of this common act between the owner and their future tenant: see also How to find a tenant?
A guarantor, what is it?
The role of the guarantor is to agree to cover any unpaid rent of a tenant. The guarantor commits by signing a joint and several obligation. If the rent is unpaid, the owner can turn to the guarantor (who is jointly and severally committed) along with the tenant to recover what is owed. In the event of legal proceedings, the guarantor is pursued in the same manner as the defaulting tenant. It should be emphasized that the guarantor’s commitment is to pay the rent and charges of the recalcitrant tenant, but also potentially the costs of restoring the property in case of damage.
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In the case of joint and several co-commitment, the guarantor is responsible for all rents, up to six months following the departure of the specifically designated roommate in the joint guarantee.
Is a guarantor mandatory?
There is no obligation to require the tenant to provide a guarantor; it is the owner who assesses their risk based on the tenant’s personal situation.
Furthermore, it should be noted that if the owner takes out unpaid rent insurance, they cannot combine this insurance with a guarantor, unless the tenant is a student or apprentice.
Who can be a guarantor?
In absolute terms, anyone can assume the role of guarantor and commit to paying unpaid debts. There is no need for any connection (kinship) between the guarantor and the guaranteed tenant.
Nevertheless, for the owner, it is important to evaluate the relationship between a guarantor and the tenant. The guarantor’s request will be more effective if the guarantor is the tenant’s father or mother than if the guarantor is a fellow colleague who took this commitment without much thought.
While criteria may vary, it is generally estimated that the guarantor’s income should be 3 to 4 times the amount of the rent to be paid. They must therefore demonstrate the same solvency as if they were themselves the tenant of the property.
What to do to be a guarantor?
The guarantor must provide their financial file identical to that requested from the tenant. Then, they must complete the personal and joint guarantee deed with a handwritten statement confirming the content of their commitment.
How long are we guarantors?
In principle, the guarantee document specifies a maximum amount of financial commitment from the guarantor. It is generally 3 years including rent costs. It must also indicate a duration. It can last up to 9 years. A deed is valid for both empty and furnished leases.
These references are important: for example, if the guarantee has no duration, the guarantor can terminate their commitment at any time. Their commitment will expire at the end of the current lease.
In the case of co-commitment, the guarantor(s) are engaged for the entire rent. However, each roommate can, without terminating the lease, give individual notice. In this case, their guarantor is released from their commitment when the departing roommate is replaced or, without replacement, after a period of six months, unless the guarantor has signed a deed for each roommate.
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