cosigner concerns

[DeadlyDonkey]

Me and two friends are attempting to lease a property without any significant rental history. All of our parents are willing to cosign but my parents specifically are not willing to be on the hook for any costs that may arise. My first question is whether there is any way to make each set of parents only responsible for a third of the rent/ their child's portion. Secondly, is there any way to put a maximum on the total dollar amount a cosigner is liable for period? I realize this may not be possible, but if anyone could think of a way it could be done or even approximated to any degree, i would really appreciate it. Thank you so much in advance, it's great that you provide this free service.

 

[Gail_in_Georgia]

No to both questions.

A co-signer to a lease agrees to cover both rent and the cost of damages should the tenants fail to pay for either. If one or all of the tenants cause damage that they are unable to pay for, the landlord is going to go after all of the co-signers.

Your parents option would be to sue the tenant who caused the damage.

And no, they also can't put a financial limit on what they would be responsible for. When they co-sign for a lease, they are guaranteeing to cover any past rent and damages beyond normal wear and tear.

If they disagree with any cost of damages the landlord claims, their option is to file against the landlord (typically in small claims court unless the amount is over the limitations of your state). The landlord would have to show proof that his/her claims in repairing these damages are legitimate.

Gail