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Scope of the lease guarantee liability

New York, NY |

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

Attorney Answers 2

Posted

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.

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Posted

IF you mean the "good guy guarantee" it means just the rent.

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4 comments

Asker

Posted

Thank you for your reply :) but I am not sure what the "good guy guarantee" is. Is that what landlords usually require in NYC?

Asker

Posted

This is a personal rental apartment.

Robert A. Stumpf

Robert A. Stumpf

Posted

It's not unusual for NY landlords to require another party, usually in commercial situations, to require another party to be a "good guy" and commit to being liable in case of a rent default. It is insurance for the landlord in case eviction litigation drags out. In a residential situation, it's hard to answer your question without looking at the lease. To protect yourself of course you want your guarantee to be as limited as possible, and I would suggest you have a lawyer glance over the agreement before you sign it.

Asker

Posted

Thank you :)

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