Management
Guarantor
Person agreeing to cover tenant's rent if they default
Full Definition
A guarantor is someone (usually a family member) who agrees to pay rent if the tenant cannot. Guarantors are commonly required for students, first-time renters, or those with poor credit. The guarantor deed should be properly drafted and signed as a deed (witnessed signature) to be enforceable.
Related Terms
Put Your Knowledge Into Practice
Analyse any UK property deal with PropertyROI to calculate ROI, yields, and more.
Analyse a PropertyMore Management Terms
Letting Agent
Company managing property lettings and tenants
Void Period
Time when property is empty between tenancies
Rent Arrears
Unpaid rent owed by tenant
Tenant Referencing
Background checks on prospective tenants
Maintenance Reserve
Funds set aside for property repairs
Rent Guarantee Insurance
Insurance covering unpaid rent from tenants