Updated August 07, 2022
A real estate personal guarantee requires a 3rd party (guarantor) to fulfill the obligations of a lease in the event of default by a tenant. Meaning, if the tenant doesn’t pay rent or breaks the lease for other reasons, the guarantor would be liable.
For example, if a tenant refuses to pay rent and vacates a property, the guarantor will be responsible to pay the rent for the remainder of the term.
Video
How to Write
Step 1 – Download in Adobe PDF, MS Word (.docx), or OpenDocument (.odt).
Step 2 – After attaching the guarantee form to the lease agreement the following needs to be entered:
- Date of lease contract
- Landlord’s name
- Tenant’s name
Step 3 – Scroll to the bottom of the document and enter:
- Effective date
- Guarantor’s (Tenant’s) signature and printed name including their contact information (telephone, email address, etc.)
Step 4 – The document is now apart of the lease and the tenant shall be held personally liable in the chance of default.
Related Forms
Download: Adobe PDF, MS Word, OpenDocument