What does occupant mean on a lease?

A leaseholder is a person who has signed a lease with a landlord to rent real property for a stated amount of time. An occupant is someone who lives in the real property but did not necessarily sign a lease.

Does being on someone’s lease affect your credit?

Because rental payments aren’t usually listed in a person’s credit report, there’s no affect, good or bad, on a cosigner’s credit history. However, if you cosign an apartment lease, and the person you cosigned for later defaults, your credit can be negatively affected.

Can I add someone to my lease with bad credit?

If you want to add a roommate or your significant other to an apartment lease, your landlord probably will require a thorough credit check. However, just because your potential roommate has poor credit does not mean your landlord will automatically refuse the arrangement.

When renting an apartment Do they check your credit?

It’s nothing personal but, because an apartment is their investment, a landlord will run a credit check (also called a “credit report”) to make sure your qualifications are a good fit for the rental. Meaning, you are able to afford it and can pay the rent on time.

Is an occupant the same as a tenant?

The terms, “tenant” and, “occupant” aren’t interchangeable when leasing property, as each has a different standing in a rental transaction. Tenants sign a contract containing terms that bind them to certain obligations under the lease. Occupants are authorized to reside in the property with the landlord’s permission.

How long does a co-signer stay on a lease?

As a general rule, unlike so many things in life, co-signing is pretty much forever. In the case of a lease, this means that the co-signer is responsible for the lease for the duration of the agreement, whether it’s a six-month lease, a yearlong lease or for some other period.

Can co signing for an apartment affect your credit?

Cosigning on an apartment lease can have indirect impacts on your credit history. As a cosigner, you are liable for rent payments should the primary tenant fail to pay. Plus, a payment default will remain on your credit report for seven years, which will impact your credit score, a gauge of how well you manage money.

Can you add someone to lease after signing?

Landlords are not required to allow changes to the tenancy terms once the original lease agreement is signed. This means they can refuse to add someone to the lease. Additionally, a landlord may be amenable to the idea of adding another tenant and then deny a tenant based on the results of their screening.

Does your credit score matter when renting an apartment?

It’s tough to admit it, but credit scores play a huge role in the apartment renting process. Many landlords or leasing offices require a certain minimum score before you’re even allowed to see the lease, and others may even determine the amount of your security deposit on the score you and your partner have.

Can a landlord run a credit check on a new roommate?

Landlords usually want to run a credit check on anybody added to a lease to ensure the person can afford to pay rent and does not have a history of late or unpaid bills. However, you could try working out an arrangement with the landlord if your new roommate has bad credit.

Why do landlords check credit reports?

Landlords check credit reports because they want to ensure their tenants can abide by the terms of the lease. If the credit report shows a long history of unpaid or late bills, the landlord may decide not to add the tenant to the lease for fear that the tenant will be unable to pay rent or cover repairs.

Do you have to sign a lease if you are an occupant?

If they’re considered a tenant the answer is yes they should sign the lease. A tenant is someone who is of legal age whereas an occupant (such as a minor) may be listed on the lease agreement but is not expected to sign the lease. Can a leaseholder kick out an occupant?