A personal guaranty is designated for risky tenants where a Security Deposit may be not enough to make the lease terms comfortable for the landlord. Therefore a personal guarantee by a family member or friend of the tenant is given to the landlord so in case payment is not made the person will be obligated to pay.
- Residential – Primarily used to get an individual that is not on the lease to be accountable for all payments until the end of the term. It is highly advised to have the form signed in front of a notary public to legally document the note.
- Commercial – Used by landlords seeking to get the principal or partner(s) of the business to be legally accountable for the entity to ensure that if the entity does not stay in business the individuals will be held liable.