A co-signer for an applicant has higher requirements than the tenant applying. The co-signer must have good credit, must be employed or show proof of income from any other source. Income must be sufficient enough to pay their own expenses and the rent of the tenant in the case the tenant fails to do so.
A co-signer cannot be on a fixed income or be dependant on government assistance.
The co-signer would be responsible for all unpaid rent, and any other charges the account incurs.
The application fee is outlined in the property listing and is charged for each applicant and each co-signer.
Applications will not be accepted or processed without application fee.
Application fees are non-refundable.
The application process takes approximately 24 hours. The processing time can be reduced if co-signer submits proof of income along with their application.
Yes. Every applicant is screened to see their credit and verify income.
Because you are agreeing to be financially responsible.
We look at the overall credit history not the score. We’re looking to make sure there are no accounts in collections or past due. We hold co-signers to a higher standard than applicants because they have to be able to take care of their own finances and the tenants if need be.
No, we’re just looking at your financial ability.
You will be responsible if for any reason they do not satisfy their obligations including any damages as per the lease.
Yes, but each roommate could have their own co-signer to share the risk. Otherwise, we suggest you have that discussion with the applicant for whom you are co-signing.
Yes, but each tenant and co-signer will have access to a portal that enables you to see the account at any time, including who has paid what amount.
SOTO leases are drawn up per property, not per occupant. All occupants are responsible for the fulfillment of the single lease.
A roommate can be removed provided the remaining tenant meets our screening criteria.
Yes, the additional roommate will just need to apply and meet our screening criteria.
Yes, and you will be able to view all financial transactions through the tenant portal any time.
Your portal is there for your convenience. It is not only required to be able to access and sign the lease but it is also a huge help in monitoring when and how much the tenants are paying.
We can reevaluate at that time. Sometimes it isn’t necessary to have a co-signer beyond the first year. Just let us know you’re interested in this option at that point.
They didn’t meet one or more of the requirements as described in our screening criteria.
We require everyone aged 18 or older that will be living in the property to apply and be screened. They will also be named on the lease which helps them build rental history.