Should a personal guaranty on a lease be signed by the spouse as well?

Asked on August 7, 2015 under Real Estate Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

From the landlord's perspective, yes: a "personal" guaranty is *personal*--only those who sign it are liable under it. The landlord would normally prefer to have more people, not fewer guarantying the rent.

The tenants, conversely, would prefer to have only one spouse personally obligated, not two--that way, the income and any separate assets (if any) of the 2nd spouse are not as much at risk.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

From the landlord's perspective, yes: a "personal" guaranty is *personal*--only those who sign it are liable under it. The landlord would normally prefer to have more people, not fewer guarantying the rent.

The tenants, conversely, would prefer to have only one spouse personally obligated, not two--that way, the income and any separate assets (if any) of the 2nd spouse are not as much at risk.


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