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Posted at January 9, 2020
Many young professionals, sometimes already in couples, flock to the rental market every year. The demand is strong.
However, despite good employment contracts, landlords' usual request for the potential tenant to have a salary equivalent to 3 or even four times the rent amount is rarely reached in the first job. The coveted apartment owner is also fully entitled to request additional guarantees, in this case, a "guarantor."
For both empty rented rentals and furnished rentals, the demand for a rental guarantor is increasingly practiced.
A Guarantor, also called "bail," maybe a natural person or a legal entity (company, dedicated organization, or a bank).
Whatever the case, the "Guarantor" undertakes to pay the rent and rental charges in place of the tenant, if the latter does not fulfill his obligations.
Guarantor: a person who vouches for another person and agrees in advance to pay in his place if he/she defaults.
Surety: a contract by which the Guarantor makes this commitment.
Ideally, you should have found your guarantor even before you start looking for accommodation. The potential tenant who presents himself with a "warrant" - a guarantor - is more likely to get the apartment of his choice than a candidate with no endorsement.
If the future tenant chooses to take a person as a "guarantor," he would turn to his relatives, parents, aunts or uncles, long-time friends, etc. Anyone can vouch for someone else. However, the guarantor must be in a reliable economic situation. Their income must largely exceed four times the guaranteed rent since they must face their obligations too.
For an expatriate renting an apartment in Paris, contacting his foreign family or foreign friends is quite possible; however, the guarantor must reside in France for the guarantee to be valid. Indeed, in the event of unpaid bills, it is almost impossible to sue a guarantor abroad.
It is easier to find a guarantor "legal entity", but it comes at a cost!
There are several kinds of bailing organization. Here are some of them:
The Guarantor of the rental must measure the commitment that his bond represents. To stand surety for a tenant is to undertake to settle his debts if he were to stop paying his rents. Indeed, according to the clauses of the surety bond, the surety may cover all the sums due by the defaulting tenant, namely: rents, charges, taxes and duties, rental repairs, occupancy compensation, interest. And this, over the entire rental period, if nothing is specified. Therefore, to stand surety for someone is a massive commitment of consequences.
It is normal to check the creditworthiness of the person acting as surety. However, a decree lists the requested documents allowed. https://www.legifrance.gouv.fr/loda/article_lc/LEGIARTI000022962988/2010-10-24/
Thus, decree n ° 2015-1437 of November 5, 2015 sets:
It all depends on the matrimonial regime:
The Guarantor's commitment must appear in a written act co-signed by three parties: the tenant, the lessor, and the Guarantor. There are two forms of written commitment:
Finally, the Guarantor has the choice between two sureties (bonds):
Caution: The surety bond must specify its duration. Indeed, when it does not specify any time or if it is stipulated for an indefinite period, the Guarantor may terminate it. The termination takes effect at the end of the rental contract, and the surety cannot be extended to the period of tacit renewal or renewal of the lease.
NON-CUMULATION WITH AN UNPAID RENT INSURANCE: If the lessor has taken out an Unpaid Rent Guarantee, he cannot ask the tenant for a rental guarantor, unless the latter is a student.Credits photo @Cytonn Photography