In most cases, when a lease is going to be signed as a requirement, the owners, the real estate companies or the insurance policies require that the tenant be backed by one or more co-debtors or guarantors.
To resolve the most common doubts about these two figures, we spoke with the lawyer Fabián Zabala, legal advisor for Central de Arrendamientos and this is what he told us:
What are co-debtors or guarantors for?
According to Zabala, the function of both co-debtors and guarantors is to give greater security to a lease in case of default.
Coeditor vs. Surety, what is the difference?
“A joint co-debtor will always respond for each and every one of the obligations acquired by the tenant,” says the lawyer
Whereas, a guarantor enjoys the benefits of “division and exclusion”, in this way each of the people included in the contract – for example, a tenant with two guarantors – assumes a percentage of the debt.
Which figure is more secure against breaches?
Regardless of the case or the magnitude of the breach of the lease, the safest figure is that of the joint co-debtor.
Why should co-debtors or guarantors have a real estate?
This requirement on the part of real estate and insurance companies is to have stable support in case of default.
Can you stop being a co-signer in a contract?
It is important that it is not possible to stop being a co-debtor until the property is restored or the contract is finished and there is peace of mind, explains Zabala. In addition, if the tenant wishes to continue in the leased property, he must find a new co-debtor.