Hi could anyone please give me wording for a tenancy agreement clause which would would effectively hold a guarantor to stand good for costs or loss that could be incurred by a tenant thanks.
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Name them as tenants jointly and severaly in the tenancy agreement.
Keys
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Thanks, I phoned Tom @ tenancy services yesterday, he said that the guaranor is not a tenant and that I should write an addendum to the agreement for the guarantor. Looks like naming the guarantor as one of the tenants might be commonly done but may not actually stand up in TT. His advice was to have some thing enforceable (looks like guarantor written in as tenant is not). If a guarantor may be held accountable I think the Disputes tribunal is used instead. Thanks for watching.Cash flow positive properties Whangarei, Private Message for info. Double income property and subdividables - PM for a chat
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Originally posted by Real buzz View PostLooks like naming the guarantor as one of the tenants might be commonly done but may not actually stand up in TT.
Hmmm, I was unaware that there were classes of tenants.
As far as I know, if you're named as a tenant, then you are a tenant.
With the applicable rights and obligations.
(maybe I'm wrong)
Keys.
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Originally posted by Real buzz View PostHmm, you would think that Tom @TS would know his onions but more posts would be interesting, thanks
Ring three times on different days and try to get different people. Once as a landlord, once as a tenant and once as a guarantor. See what answers you get.
But hey, I'm only one investor here.
Keys
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Originally posted by Real buzz View PostOh yes... I like it. will do!
And when you do, tell them you're recording the conversation. You don't have to actually record it, just tell them. After all, they are recording you.
Just had a chat to "mike" who confirmed my earlier post. A tenant is a tenant is a tenant. There are no classes of tenant. They don't even have to live there.
Keys
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Originally posted by Real buzz View PostHey thank you for checking, certainles looks much easier to mum or dad on the tenancy so will give it a go
Keys
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I have used seperate guarantee forms and put all the names I could on a TA.
I can see the thinking around mum and dad not being tenants and so their names being on the TA is a 'mistake' and therefore unenforceable, but I also believe the other arguement is stronger - if they're named on the TA then they are tenants.
I have had several cases where 'innocent' people have been named on the judgement order, and have watched the adjudicator's disapproving glance in my direction. But the disapproving glance is, I believe, because the adjudicators cannot really let the 'innocent' person off if they are named as tenants.
I compare this situation to the story I recently gave about the offer I received for a house. "I want a deposit cheque attached to the offer" I said. That was the last I heard of this very keen buyer who would be happy to buy above market. "Your children are really responsible and mature are they, and you are happy to guarantee that?" "Oh, you are are you, great. I always get my guarantees in writing with the tenancy agreement. Here's a pen for you. What, oh that's a shame, so you need to see that other house first before making a decision. Yes, I quite understand. After all you really must do what is best for your children, mustn't you."
xris
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I can see the thinking around mum and dad not being tenants and so their names being
If Mum & Dad sign the T/A they sign a contract in my book , however, people cannot contract out of the act so, ... depends on the act so I might go check that too. Thank you both for your replies, I am new to PTalk and the real life feed back is excellent I will work towards getting a parent of each young person on the TA as it appears to work so far. We expect to have a good working relationship with these people so things run smoothly.Cash flow positive properties Whangarei, Private Message for info. Double income property and subdividables - PM for a chat
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I quite often ask first time tenants to get their parents to go on the agreement with them as a tenant. Most times the parent refuses. I ask them "if your parents aren't prepared to back their own children, why should I take a chance with you?" Even if you don't want mum as a guarantor, it is good to ask just to see what their reaction is!! One of the best references you can get.Last edited by rentalmanagers.co.nz; 15-03-2007, 09:02 PM.
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Originally posted by rentalmanagers.co.nz View PostI quite often ask first time tenants to get their parents to go on the agreement with them as a tenant. Most times the parent refuses. I ask them "if your parents aren't prepared to back their own children, why should I take a chance with you?" Even if you don't want mum as a guarantor, it is good to ask just to see what their reaction is!! One of the best references you can get.
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I had a woman recently who went as co tenant with her son. The son got behind and so the 10 day notice was issued Then the lovely young fella does a runner. Mum tells me to stick my bill where a duck can't. No one turned up to the tribunal hearing so we were awarded the rent and possession, cleaning etc. Then mum and son were taken through the Order for examination process. End result, mum has now paid up and has a Baycorp entry to prove it
We all lived happily ever after.
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