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Rental Guarantee Form

Rental Guarantee Form Template for Nigeria

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Key Requirements PROMPT example:

Rental Guarantee Form

"I need a Rental Guarantee Form for a residential property in Lagos, Nigeria, where my brother will act as guarantor for a 12-month lease starting March 1, 2025, with a monthly rent of ₦500,000."

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Document background
The Rental Guarantee Form is a crucial document in Nigerian property transactions, designed to provide landlords with additional security for their rental arrangements. This document becomes necessary when a property owner requires assurance beyond the tenant's personal covenant, typically in situations involving new tenants, students, or corporate leases. The form, governed by Nigerian federal and state property laws, establishes a legally binding commitment from a third party (the guarantor) to fulfill the tenant's obligations if they default. It includes detailed provisions about the scope of the guarantee, payment terms, enforcement mechanisms, and the duration of the guarantee, while ensuring compliance with local tenancy laws and regulations. The document is particularly important in major Nigerian cities where rental markets are competitive and landlords seek additional security for their properties.
Suggested Sections

1. Parties: Identification of all parties: Guarantor, Tenant (Principal Debtor), and Landlord (Beneficiary), including full legal names, addresses, and contact details

2. Background: Context of the guarantee, referring to the principal tenancy agreement and establishing the purpose of the guarantee

3. Definitions: Clear definitions of key terms used throughout the document, including 'Guaranteed Obligations', 'Property', 'Rental Period', and 'Default'

4. Guarantee and Indemnity: Core section detailing the scope and extent of the guarantee, including the guarantor's obligations and maximum liability

5. Duration of Guarantee: Specification of when the guarantee begins and ends, including any renewal or extension provisions

6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking, including prompt payment and performance guarantees

7. Enforcement: Procedures and conditions under which the guarantee can be enforced by the landlord

8. Guarantor's Representations: Confirmations and warranties from the guarantor regarding their capacity and authority to provide the guarantee

9. Notices: Requirements for how formal communications between parties should be made and delivered

10. Governing Law: Specification that Nigerian law governs the agreement and relevant jurisdiction details

Optional Sections

1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability

2. Corporate Guarantor: Specific provisions required when the guarantor is a company rather than an individual

3. Guarantee Limit: Section specifying a cap on the guarantor's liability, if applicable

4. Additional Security: Provisions for any additional security measures provided alongside the guarantee

5. Step-In Rights: Optional provisions allowing the guarantor to take over the tenancy in case of tenant default

6. Dispute Resolution: Alternative dispute resolution procedures if parties wish to specify mediation or arbitration before court proceedings

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the rental property including address and any specific inclusions/exclusions

2. Schedule 2 - Guaranteed Obligations: Itemized list of all obligations being guaranteed, including rental amounts, payment schedules, and other financial commitments

3. Schedule 3 - Guarantor's Statement of Assets: Optional schedule containing the guarantor's declaration of financial position

4. Appendix A - Principal Tenancy Agreement: Copy or key terms of the underlying tenancy agreement being guaranteed

5. Appendix B - Guarantor's Identity Documents: Copies of required identification documents for the guarantor

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Management

Legal Services

Banking & Financial Services

Corporate Housing

Residential Property

Commercial Property

Retail

Hospitality

Student Housing

Relevant Teams

Legal

Real Estate Operations

Property Management

Facilities Management

Risk & Compliance

Housing Administration

Tenant Relations

Contract Administration

Corporate Services

Leasing Operations

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Tenancy Administrator

Housing Officer

Facilities Manager

Leasing Manager

Property Administrator

Real Estate Operations Manager

Compliance Officer

Risk Manager

Corporate Housing Manager

Student Housing Coordinator

Industries
Nigerian Contract Law: Governs the formation, validity, and enforcement of contracts, including guarantee agreements. Essential for ensuring the guarantee form meets basic contract requirements.
Tenancy Law of Nigeria: Regulates the relationship between landlords and tenants, including provisions for rent payment, guarantees, and obligations of parties in rental agreements.
Recovery of Premises Act: Specifies procedures for recovery of rented premises and enforcement of rental obligations, relevant for guarantee enforcement.
Lagos Tenancy Law of 2011: If the property is in Lagos, this law specifically regulates tenant-landlord relationships and includes provisions about advance rent payments and guarantees.
Rent Control and Recovery of Residential Premises Law: State-specific legislation that governs rent control and recovery of premises, affecting how guarantees can be enforced.
Money Lenders Act: Relevant when the guarantee involves financial institutions or professional guarantors, regulating terms of financial guarantees.
Nigerian Property Law: Fundamental property law principles that affect rental agreements and associated guarantees.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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