Ontario Residential Tenancy Agreement Guarantor

Ontario Residential Tenancy Agreement Guarantor: What You Need to Know

When renting a property in Ontario, landlords may require a guarantor for tenants who do not meet certain eligibility criteria, such as having a low credit score or insufficient income. A guarantor is a person who agrees to pay the rent or any other outstanding charges if the tenant is unable to do so. In this article, we will cover everything you need to know about Ontario residential tenancy agreement guarantors.

Who can be a guarantor?

A guarantor can be anyone who meets the following criteria:

– Canadian citizen or permanent resident

– Has a good credit history

– Has sufficient income to cover the tenant`s rent and any other charges

– Is willing to take on the responsibility of being a guarantor for the entire lease term

It is important to note that landlords may have additional criteria for guarantors, such as being a certain age or having a certain occupation. It is best to check with your landlord or property manager to determine their specific requirements.

What are the responsibilities of a guarantor?

A guarantor`s primary responsibility is to ensure that the tenant pays their rent and any other outstanding charges on time. If the tenant is unable to do so, the guarantor must pay the owed amount in full. Additionally, the guarantor may be responsible for any damages caused by the tenant.

It is important to carefully consider the responsibilities of being a guarantor before agreeing to take on the role. Guarantors should ensure they have a clear understanding of the tenant`s rental history and ability to pay rent on time.

Can a guarantor be released from their responsibilities?

In some cases, a guarantor may want to be released from their responsibilities before the end of the lease term. This may occur if the tenant has found another guarantor or has established a good rental history and no longer requires a guarantor.

To be released from their responsibilities, the guarantor will need to provide the landlord with written notice of their intention to be released. The landlord will then need to determine if the tenant meets their eligibility requirements without a guarantor. If the landlord agrees to release the guarantor, they will provide written confirmation to the guarantor.

Conclusion

A guarantor can be a valuable asset for tenants who may not meet all of the eligibility criteria required by landlords. However, it is important for both the tenant and the guarantor to fully understand the responsibilities involved in being a guarantor. By carefully considering the requirements and responsibilities of being a guarantor, tenants can ensure they find the right person to help them secure their rental property in Ontario.

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