What is a co-signers legal liability regarding a lease?
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What is a co-signers legal liability regarding a lease?
What does this mean – “Co-signer waives presentment, demand, protest, and notice of acceptance, notice of protest, notice of demand, notice of dishonor, notice of default, notice of non-payment and all other notices to which co-signer might otherwise be entitled”. Also, if something accidentally happens to the house but the landlord claims malicious intent, are we liable for damages and be taken to court?
Asked on September 9, 2011 under Real Estate Law, Oregon
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The phrase that you have quoted in your question means that the co-signer for the lease expressly gives up all requirements for notices of the actual tenant defaults on the lease's terms from the landlord under the laws of your state.
Ordinarily, a landlord is required to give required notices to the tenant of any breach of the lease and notices of termination. The above phrase states that the co-signer under the lease waives the requirements for any such notices.
The liability of a co-signer under the lease is for payment of all rent that is due if the primary person obligated under it fails to pay. A co-obligor would not be responsible for any damages not caused by the primary obligated person but would be responsible for all damages caused by the primary tenant that the primary tenant does not pay.
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