State Specific Question About: ILLINOIS (IL)

We have a prospective tenant who doesn't have stellar credit & has suggested adding his parents as co-signers. Does anyone have any experience with co-signers in Illinois?

Yes you will need to run the co-signer's credit, so you will need to get their signature to do that.

Here is my language:

LEASE ADDENDUM: COSIGNER’S AGREEMENT

Property Address

Effective Date -

Residents

Name Birth Date Social Security No.

A: ___________________________ ____________ _________________

B: ___________________________ ____________ _________________

Cosigner obtained by Resident ___

Cosigner Name Birth Date Social Security No.

___________________________ ____________ _________________

Address (street, city, state, zip) Phone Relationship to Resident

___________________________ ____________ _________________

Terms

All residents (tenants), as well as any guarantors and/or cosigners, are jointly and severally responsible for all terms of this lease agreement. Notice to one resident will be sufficient for notice to all residents and cosigners..

In the event of non-payment of rent or other charges when due, the cosigner agrees to be held responsible for payment and authorizes the Owner to charge to the cosigner any rent or other charges as bound by the terms of this lease.

If the resident who has secured a particular cosigner moves from the property, the Owner will provide a written release to that cosigner only upon satisfaction of any rent or other charges due under the terms of the lease and after remaining residents have secured an approved cosigner.

The cosigner will not be a resident and has no right to possession of the premises.

This Cosigner’s Agreement goes into effect at the time of the signing of a lease by the resident and becomes an integral part of the underlying lease. No modification of the terms of the underlying lease shall operate to discharge cosigner from obligations under this agreement without a signed release by the Owner.

The receipt of a signed copy of the Cosigner’s Agreement is a material condition of the underlying lease.

Signatures

A faxed copy of this page signed by a cosigner is considered valid for purposes of this agreement.

_________________________________ _____________

Cosigner signature Date

_________________________________ _____________

Landlord signature Date