Q: A lease with three roommates and three co-signers. Can we write a contract to decrease liability for co signers?
Would this separate contract be legally binding if we get it Notarized? How would we word it?
A:
Any modification to the lease agreement and related documents,including the co-signors' guaranty, must be in writing and executed by all parties. This means that the lessor must agree to limit the cosignors' liability and execution must follow any instructions set forth on the lease for modifications or amendments, as well as local legal requirements. You should consult with a real estate attorney that can review your lease documents and assist you in negotiating with the lessor. It is highly unlikely that the lessor will agree to decrease the personal liability of the co-signors though.
Good luck.
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