The real estate personal guarantee is a form that allows the owner of property to make a tenant be personally liable for a lease contract. The document is more commonly used in commercial real estate as new businesses usually do not have any assets or income and the landlord would have no security unless the owner authorized to guarantee the lease.
How to Write
Step 1 – After attaching the guarantee form to the lease agreement the following needs to be entered:
- Date of lease contract
- Landlord’s name
- Tenant’s name
Step 2 – Scroll to the bottom of the document and enter:
- Effective date
- Guarantor’s (Tenant’s) signature and printed name including their contact information (telephone, email address, etc.)
Step 3 – The document is now apart of the lease and the tenant shall be held personally liable in the chance of default.