Apartments and Home Rentals
Co-signing
Landlord-Tenant Issues

Does the co-signer have a right to hold on to 6 months rent from the tenant in case something happens?

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2007-09-03 22:48:15
2007-09-03 22:48:15

Your co-signer is smart, and you should be glad. If you need a co-signer, it means that your credit is not good enough to rent on your merits alone. The co-signer is responsible for a period of rent (commonly 6 months) if you default. Having the money keeps them from having to ask you for it in the event it needs to be paid. Hopefully, at the end of the lease and/or when you get the lease on your own, they will return any unused funds.

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