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Two years ago, I cosigned an apartment contract for a couple who moved to New Jersey out of state. Since then, they renewed the annual contract twice without notifying me. Also, the rental office hasn't notified me. My intention was to help them settle down in their new place, but not to continue my cosigning through renewal. Since they have lived in the apartment for more than 2 years with two renewal contracts, I thought that my cosign was expired when the original contract ended. However, the rental office says that it is still effective unless a new contract is made rather than renewed. Am I still responsible for this?
This is a grey area. First, in that its unusual to cosign a rental lease. Though I note you used the word contract rather than lease.
What I would do is deliver a letter to the rental agent stating that you do not agree to guarantee the contract beyond the term of the current contract. See what the reaction is to that.
The lease is a contract. If you did not sign the renewal contract, then you have no liability. If the lease expired and reverted to a month to month tenancy without a new written contract, you might be on the hook, depending on the wording of the original lease.
I will agree while they may contend that since you co-signed and the lease has been renewed, all terms of the orginal would be in place. I would send the apartment owner and manager a letter, certified, stating that your co-sign ended at the end of the orginal lease ( contract) and that you did not authorise any co-sign of any new lease. And that since they have not had you sign , which you do not intend to do, please note this on thier records)
They may not agree, but at least they will have been officially notified.
Now of course they can try to collect from you if the other people breach the contract, because of course anyone can sue anybody about anything in general. So while they should not have a legal stand you could end up in court over it.
You can try Chuck's tactic. If they balk you can counter offer that you accept responsibility only to the end of the current lease. But you need to somehow put them on notice that you are no longer guaranteeing the contract.
Two years ago, I cosigned an apartment contract for a couple who moved to New Jersey out of state. Since then, they renewed the annual contract twice without notifying me. Also, the rental office hasn't notified me. My intention was to help them settle down in their new place, but not to continue my cosigning through renewal. Since they have lived in the apartment for more than 2 years with two renewal contracts, I thought that my cosign was expired when the original contract ended. However, the rental office says that it is still effective unless a new contract is made rather than renewed. Am I still responsible for this?
Thanks in advance.
Yes - your original signature is for the duration of the lease and most likely any renewals. You should write the Mgmt and couple/tenants that you will no longer be responsible and send your letter via USPS delivery confirmation.
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