Guarantor Agreement Ontario

Hello! Wow, what an amazing resource your contributions are for both landlords and tenants. As a new owner, I often refer to them. Thank you very much! I am currently looking for a group of students. You have a guarantor who is ready to sign the guarantee that I have, which seems complete after the recommendations that I read in the speech and your comments. My question is more fundamental and perhaps naïve. The letter of guarantee that I have proposes that the guarantor accepts the collection of credit information, etc. I wonder how this information is collected by the guarantor. Filling out an application form or something like that? Maybe I will think about that. The tenants concerned have no credit history or tenant and have no income.

Thanks again for your help! Vero Hi: That`s a tough question to answer. For many years, the wording of the guarantees has been vague as to what happened at the end of a fixed period. As shown in the article above, the law has generally established that these guarantees expire with the duration and do not continue in the monthly part of the rental contract, which automatically continues beyond the usual duration of one year. According to case law, the key was the clarity of the terms of the guarantee. In your situation, the warranty clause provides for the expiry of the fixed term of one year and the extension from one month to the next. It is claimed to persist as long as the lease continues. It is clear that the intention is that your responsibility will continue until the end of the lease. There does not appear to be an opt-out clause or limitation of the duration of your warranty.

I don`t have any particular expertise in warranty law and maybe there are ways to « terminate » a warranty. However, I am not aware of any possibility of unilaterally terminating a guarantee on which the person receiving the guarantee relies. Some research is needed and I can tell you that this area of (guaranteed) law is incredibly complex. If this is an important topic for you and it seems unlikely that you will be able to terminate the warranty, I wonder why you had to give a warranty. As your son is on ODSP, his income is guaranteed and as stable as possible. The same goes for his roommate, who is on ODSP. His credit was horrible? Or did the requirement of a guarantor depend on whether they were on ODSP? Depending on the answers, you may have the option to challenge the warranty as necessary evil. Re-read the article below to see what I think. Good luckMichael K. E. Hello: I think you have the common sense. If your friend is fine, if you fall, you don`t need someone else`s permission. The landlord can`t insist that you sign up as a tenant and can`t mind that you`re there with your friend….

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