I am guaranteeing a lease for a friend of mine. Is my liability limited to the extend of the lease payments or am I liable for things like damage, torts, etc?
What kind of insurance should I ask my friend to buy in order to cover myself?
Thank you :)
This is a personal residential rental agreement
Landlord / Tenant Lawyer
Dear scope of guarantee liability:
The precise language in the guarantee will control. You should buy insurance because the guarantor is often left holding the bag. The renter must purchase a homeowner or renters insurance. You should be identified as a named "insured."
Most attorneys would caution you to heed the maxim that no good wind blows toward a guarantor.
The answer provided to you is in the nature of general information. The general proposition being that you should try to avoid a bad outcome if you can.
IF you mean the "good guy guarantee" it means just the rent.