Sorry if this isn't the board...just don't see a lawyers board...College students moving off campus to an apartmentThree's Company situation, with of course, co-signer parents. While parents have credit reports and dollars on the line, students of course do not. By co-signing, each parent/student is responsible for the entire rent and any damages. Not to mention the utilities etc...We feel the college students should sign an agreement as to what they are responsible for.Is a 'home made' written agreement legal, ie. 'real', should a situation of non-payment/late fees be involved?Does it have to be formal?If so, is there a website or program to draft up an agreement - without going to a lawyer?Or does this whole co-signer thing neget the whole thing?Does the fact that 3 parents co-signed mean that you cannot recoup or attempt to recoup anything should a student/parent not pay?Sorry, Please direct me to another board if this isn't something you can help with- nag
I'm not sure I ever cosigned. I know my older son was the only one who didn't have to pay a security deposit on one of his shared apts because he was the only one with a credit score so the "of course" didn't hold.Honestly, if you are uncomfortable with the situation or you couldn't cover the entire rent for the year, I wouldn't sign and tell your child they are in the dorm.Read the lease. Any agreement outside the lease could be difficult to enforce bui I am not a lawyer.
Thanks reallyalldone,Considering a 'money saving' proposition could end up costing us a lot more than the dorm situation...uncomfortable is putting it mildly.Oh boy, are we feeling 'lucky'?Decisions decisions...nag
...Or does this whole co-signer thing neget the whole thing?Pretty much.I'm not a lawyer but the landlord will not care about any sort of side agreement you have with the other people they will still hold you accountable if you are a co-signer on the lease. Where a side agreement would come into play is if you wanted to take one of the other tenants or their parents to small claims court to repay you what you had to pay the landlord.
nagdabbit writes (in part):Sorry if this isn't the board...just don't see a lawyers board...I reply:The Lawyers/Attorneys Board is found at:http://boards.fool.com/lawyersattorneys-116229.aspx?mid=2993...It may help to identify the state in which this is occurring. --Bob
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