Good Guy Guaranty and Florida

Being a real estate attorney, we are well-versed with the Good Guy Guarantee, but being a novice buyer you may or may not be aware of it. This is a common procedure for leases in New York City and California and is not branching out to other states as well. If you are into the real estate business, then you should definitely know about this. 

So, what is a Good Guy Guaranty?

A Good Guy Guaranty is a financial backing that is pre-negotiated with a creditworthy guarantor. This guaranty covers the tenant’s reliability to pay. If the tenant fails to pay, then the guarantor is held responsible to pay. This guaranty is in place until the tenant is using the premises. A tenant can leave the place if they provide sufficient notice and leaves the premises in the same or good condition, compared to when he had leased, depending upon the agreement with the tenant. When the tenant vacates the place, the guarantor is automatically released from the contract. 

How does a Landlord Benefit from this?

The Good Guy Guarantee provides a sense of security for the landlord as he can be held responsible for any damage, caused by the tenant and he refuses to pay up. 

Additional Deposit under Good Guy Guaranty

A Good Guy Guaranty also has an additional deposit in place. This deposit is decided by the tenant and is taken as a security against the premises offered. If the tenant does not comply with the lease or pre-vacates the premises without any notice, then the landlord can claim the deposit paid by the guarantor. It is different from the Security Deposit as this additional deposit only covers the damages under the guaranty. 

We don’t know how long will it take to completely overtake the existing guarantees in the real estate law but it surely is forming some strong roots. Without a doubt, you will come across this guaranty soon. 

How can our Real Estate Attorney help?

Hale Law Services, P.A., has a reputable when compared to other real estate attorneys in Sanibel, Florida. We let our clients have the best of commercial as well as residential lease agreements that are highly suitable for their interest. Give our real estate attorney a call on (239)-931-6767 to book an appointment with us!