Landlords and tenants are the two main parties involved in a Colorado lease agreement. The landlord, also called a lessor, owns the property and allows a tenant to possess it for a period of time in accordance with the lease terms.
Landlords want to protect their interest in the property so they often will not rent to a tenant who isn’t qualified. Landlords consider credit, income, eviction history and other related factors when determining if they trust a tenant to comply with the lease. If a landlord is concerned about a particular tenant, the landlord may require a cosigner.
A cosigner guarantees the lease and can be held responsible if the tenant breaches the agreement. So, for example, if the tenant fails to pay rent, the landlord can hold the guarantor responsible.