Guarantors are financially responsible for the tenant's lease obligations but have limited access to lease details and support
As the guarantor, it is your responsibility to ensure that your tenant pays rent on time to avoid any potential impacts on your credit report and to uphold the terms of the Guarantor Agreement. To qualify, you must complete a Transunion Screening Check through Alcove, sign the guarantor agreement and accept the following conditions in your account:
- To unconditionally guarantee the Tenant's payment of rent and performance of all financial duties and obligations under the Tenant's Lease Agreement.
- The Landlord is not required to enforce the Lease Agreement against the Tenant or any other person before seeking enforcement against the Guarantor.
- The Landlord may bring a lawsuit against the Guarantor to enforce any guaranteed liability, obligation, or duty without joining the Tenant or any other person in the lawsuit.
- The Guarantor expressly and unconditionally guarantees the performance of the named Tenant under the Lease.
Throughout the Rent Collection Process, the guarantor may receive notifications at every stage of the late rent process. Alcove retains the right to keep the guarantor informed about any rent-related matters.
Guarantor's access to lease details and support team assistance.
As a guarantor, your primary role is to ensure the tenant's financial obligations under the lease agreement are met. While you may request information about the tenant's lease payments from Alcove Support, Alcove cannot provide access to other details or communicate with you regarding other aspects of the lease.
It is the tenant's responsibility to directly contact Alcove Support for any lease-related matters or support issues. The tenant must initiate actions and communicate with the support team themselves, as they are the primary party to the lease agreement.
If you have concerns about the tenant's ability to fulfill their obligations, it's best to communicate directly with the tenant. However, if the tenant fails to meet their financial duties, you, as the guarantor, will be held responsible for covering the outstanding payments or obligations, as outlined in the lease guarantee agreement you have signed.
Guarantor Agreement Terms
The undersigned “Guarantor,” in consideration of the making of the foregoing Lease Agreement between Tenant and Landlord, does hereby unconditionally guarantee the payment of the rent by the Tenant and the performance by Tenant of all the financial duties and obligations under the Lease Agreement.
Guarantor also agrees that Landlord is not first required to enforce against Tenant or any other person any liability, obligation or duty guaranteed by this Agreement before seeking enforcement thereof against Guarantor. A lawsuit may be brought and maintained against the Guarantor by Landlord to enforce any liability, obligation or duty guaranteed by this Agreement without the necessity of joining the Tenant or any other person in the lawsuit.
It is expressly agreed and understood that Guarantor additionally and unconditionally guarantees the performance under the Lease of [Tenant Name].
For more details on how to be added as a guarantor, please visit What is a Guarantor and how do I add them to my application?