Co-Signor

[babbles]

If my wife co-signs for my young son for an apartment, let's say for a 9 mo lease,  month to  month and he completes the lease agreement successfully but signs on for another 9 months, when does she drop off as a cosignor??  From what I've been told, he would  have to have first and last months with a cosignor as well. Thanks for any replies or advice! 

i just added this, what if you could pay the entire lease at one time, how do apartment managers feel about that?  Does it make a difference to them I wonder?

[dragontears]

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@babbles wrote:

If my wife co-signs for my son for an apartment, let's say for a 9 mo lease,  month to  month and he completes the lease agreement successfully but signs on for another 9 months, when does she drop off as a cosignor??  From what I've been told, he would  have to have first and last months with a cosignor as well. Thanks for any replies or advice! 

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Completely depends on the lease/state/local laws. If I was you I would ask the landlord/property manager directly 

[Anonymous]

Per contract law, she should only be bound to the lease she signs. She would also have to sign the new lease to be bound to it, unless there’s some sort of automatic renewal clause or a law to the contrary in your jurisdiction.

Sure, apartment managers love it when you pay the whole lease at one time; then they have no worry of default or failure to pay. As a matter fact, you might be able to do it without a cosigner if you pay it all at once.

[Iusedtolurk]

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@babbles wrote:

If my wife co-signs for my young son for an apartment, let's say for a 9 mo lease,  month to  month and he completes the lease agreement successfully but signs on for another 9 months, when does she drop off as a cosignor??  From what I've been told, he would  have to have first and last months with a cosignor as well. Thanks for any replies or advice! 

i just added this, what if you could pay the entire lease at one time, how do apartment managers feel about that?  Does it make a difference to them I wonder?

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A co-signor is used in case the party defaults it gives the creditor another source to recover funds from. If the rental contract was paid in full for the year there would be no need for a co-signor.

If the party did a payment monthly with a co-signor and never defaults on that particular lease more than lightly this would establish a relationship with the landlord as it would show reliable payment history.  This should allow a new lease to be signed without the need for a co-signor.