Q: Can I limit my liability as cosigner in a multi-tenant lease, with an addendum stating liability limits in dollar value?
being asked to co-sign for my son in a apartment lease that he will be sharing with two other boys. The landlord has agreed to an addendum that will state a limited liability equal to his portion of the rent over the life of the lease. Can this be accomplished ?
A:
Yes, if both parties agree you can draft an addendum to provide that you are guaranteeing only a portion of the total rent. As long as both parties sign it, it would be enforceable to limit your liability.
*Please be advised that this answer is for information or educational purposes only and is intended to be general information, not specific advise in your situation the response is based only upon the limited information you provided in the question. For detailed advise about your specific situation, I would recommend that you schedule a time to speak with an attorney.*
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