If my daughter lives in one state and I live in another, what is my risk if I co-sign a lease for an apartment that she wants to rent?
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If my daughter lives in one state and I live in another, what is my risk if I co-sign a lease for an apartment that she wants to rent?
I believe there could be considerable risk of default on my daughter’s part to paying the rent. What is my risk being from a different state? Would the co-sign be legally binding since I’m an out of state resident?
Asked on June 8, 2012 under Real Estate Law, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Yes, it would be legally binding and if she breaches the agreement they can obtain a judgement and go after you even out of state. I would think twice here if you think that she will not honor the lease. It will have an affect on your credit as well as hers. Good luck.
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