All residents at the Regency & Villas Apartments are required to have a Guarantor unless they meet the one exception to having a Guarantor which is to pay the full lease contract, in full, prior to moving in.
💭 What is a Guarantor?
The Guaranty to the Lease Contract, or "Guarantor", is an individual that guarantees the financial responsibilities of the Lease Contract should the resident be unable to fulfill the monthly payments as outlined in the Lease Contract.
💭 How does a Guarantor differ from a Co-Signor?
A common term used in auto and home loans is "co-signor". The Guarantor is a very similar concept as it shares financial responsibility, however, it does differ in a few important ways.
How are Guarantors and Co-signors similar?
- They both are financially responsible for making payments based the contract.
- They both are legally responsible for adhering to the contract in full.
How are they different?
- A Guarantor does not have rights to the apartment or community without the Resident being present.
- A Guarantor does not have access to the community other than as a Guest of the Resident.
- A Guarantor is added as an addendum to the Lease as an additional requirement of the Regency & Villas Management Team, but the Guarantor is not officially a Leasee of the community or apartment.
💭 As the Parent and Guarantor of the Resident, do I get Exceptions?
Nearly all of the Guarantors we serve are also parents of the Resident within our community! We are limited by state law on information we can provide to the Parent, or Guarantor, outside of what the Lease Contract allows.
We fully understand that as both the Parent and the Guarantor there are aspects in which you wish to have additional information regarding the housing of your family member. We do communicate openly in many aspects with our Guarantors, but if the Resident is 18 years old we are limited as a private company to share aspects of the living situation.
Please never hesitate to contact our Management Team for further details if you have questions throughout your time living at the Regency & Villas Apartments.
📚 Related Articles:
- Requirements to be a Guarantor
- Why do we Require a Guarantor?
- Exceptions to having a Guarantor