We got an email in our inbox recently with a rather desperate question from a mother of a college student, who had been asked to co-sign a lease for her child. It was a lease with several students, and the mom was confused that individual portions of rent didn't appear to be identified in the lease, nor was there anything specific about her obligations as a cosigner. 

Cosigning a lease is tricky business. The terms are often unclear, and many cosigners go into a contract assuming that they will only be held responsible for their ward's portion of the contract, but that's NOT TRUE. In this post, I hope to clarify what the expectations are for cosigners, and some tips to avoid the pitfalls.

When a tenant walks in and says that they're having trouble with someone else named on their lease (a roommate, an ex, an ex-friend), most of the housing counselors here at the TRC will hold their breath, because they're about to tell that person something they won't want to hear. Me, I like a good story, and most of these have great stories, but either way, it doesn't usually end up so that we get to tell the client good news.  And the reason for that bad news is joint and several liability. 

Joint and several liability is a confusingly legal term that means that all the tenants on a lease (on one lease, not separate leases) and each of the tenants on the lease, can be held responsible for all money damages. For example:  Housemate A punches a hole in the wall and then leaves for an overseas job. Housemate B, with the major that didn't translate into international job opportunities, stays put. Housemate B is easier to find when the bill for the damages come due. Housemate B ends up on the hook.