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University Waterloo Housing The Role Of The GuarantorNo one rents any form of housing based on a handshake or verbal agreement. We live in a world that is full of binding legal documents. It is very common for students to fill out a number of documents when applying for student housing. Therefore, it is imperative that students understand the documents they are filling out and the terms they are agreeing to. While students may be familiar with housing applications and a tenant lease agreement, many are not familiar with a guarantor form, even though it is an essential part of the process in securing university Waterloo housing. Students will be asked to fill out a guarantor form and should become familiar with the forms requirements.
A student focused property management company can help students understand the terms of the agreements they are signing and clear up any misunderstands they may have. Therefore, rather than attempting to fill out the guarantor form by themselves; ask for help to ensure you are filling out the document properly.
What is a Guarantor?
A guarantor is an individual that will guarantee that a student's rent will be paid in full. If a student's fails to pay the rent, the guarantor becomes the individual responsible for a student portion of unpaid rent. Therefore, as part of their application for student housing, students must find a willing individual to vow for them. In the majority of cases, the guarantor is either a parent or relative of the student. If a student does not pay their rent, you can guarantee your guarantor will be getting a phone call from your landlord. This is definitely a situation students want to avoid. The last thing they need during school is to deal with issues related to not paying their rent.
The Guarantor Form
The guarantor form acts as a security blanket for landlord. It ensures they will get paid and reduces the financial risks related to renting to a tenant.
Students are generally required to collect the following information to complete the guarantor form for university Waterloo housing:
- The name of the guarantor
- The guarantor mailing address
- The guarantor email and telephone number
- The guarantors signature
In most instances the guarantor will fill out the form themselves. Therefore, students need to arrange to meet with their guarantor very soon after they find an off campus residence they would like to live in. This can become a challenge if you are planning on living with a number of roommates. Remember, each potential roommate must get a guarantor for their portion of the rent. Make sure each roommate is on the same page so you can secure university Waterloo housing that meets your specifications.
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