To co-sign means to sign a document jointly with another person, usually to guarantee or assume responsibility for a loan, lease, or contract on behalf of the other party. By co-signing, the individual becomes equally liable for fulfiling the obligations outlined in the agreement. Lenders or landlords often require a co-signer when the primary borrower or tenant has insufficient credit history, income, or financial stability to qualify for the loan or lease independently. Co-signers serve as additional security for the creditor or landlord, providing assurance that payments will be made as agreed. However, co-signing entails risks, as the co-signer is legally obligated to repay the debt or fulfil the terms of the agreement if the primary borrower defaults.
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This glossary post was last updated: 29th March 2024.
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