real estate


Question by  sarah64 (14)

What should I consider before cosigning on an apartment lease?

My brother has asked that I sign on a lease with him, I want to help him out but also need to protect myself.


Answer by  tamarawilhite (17883)

If you co-sign, you have no protection. You will have to pay any rent or fees he does not pay. If you want to help, give him cash as a gift toward a deposit or first month's rent. If you cosign and he does not pay, not only do you have to pay, your credit gets dinged.


Answer by  noey1958 (1405)

Be aware that if he vacates the property you will be held responsible for paying the rent and the landlord will win in court you will have to pay it.


Answer by  patti (29325)

Consider why your brother has asked you to sign, especially if you do not plan to live in the apartment. By co-signing, you are responsible for the monthly rent, damages, and penalties for lease termination, even in the event of eviction, which would involve paying out the term of the lease. In short, you are have no "protection. "


Answer by  Devin98 (487)

Once you sign the lease with y our brother you are taking on complete responsibility for the apartment your brother is living in as if you were also living there.


Answer by  Roland27 (16334)

Make sure that he has the funds to pay this apartment. Make sure you have funds set aside in case he doesn't pay. If he doesn't pay his rent they will go after YOU for the the money.

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