Beware when co-signing lease

The oven didn't work, so the barbecue was constantly fired up in the tiny backyard. The sofa had no casters and was supported by old paperbacks the owners hadn't cracked in months. Shelves were composed of red bricks and any available wood planks. Mattresses and box springs neither matched nor were afforded the luxury of a frame.

There were always dirty rugby shoes outside the front door and rarely anything more than milk, bologna and beer in the refrigerator.

Thirty-eight years ago, our senior year of college, it was home -- for $200 a month, split four ways. The stucco duplex, just a nine-iron chip from a regional mall, boasted two bedrooms, one bath, a tiny den, fireplace, garage, and kitchen with eating space and counter.

And, to top things off, the neighbors were our best friends. That proved to be worth more than the monthly rent in memorable times, quickly gathered carpools, term-paper consults and typewriter sharing.

What was not shared was the rental agreement with our parents. My folks had no idea of the terms of our lease, except for the fact that I asked them for $100 as my portion of both the first month's rent and the cleaning deposit ($200).

Not so today. In many cases, parents are required to co-sign lease agreements and act as guarantors to support their children who want to rent a home, apartment or condominium near a college or university. In the past several years, three of our children came to us with rental contracts that were creative, curious and demanding. Our employment history, current and past addresses, Social Security numbers and credit background were critical before any of the kids were approved for temporary housing.

I vividly remember editing contracts, proposing compromises and then questioning landlords and rental agencies about their seemingly mandatory requirements and outlandish rates for what often appeared to be substandard housing or a small cubbyhole.

In a tight rental market, any changes can be a deal-killer. Other willing renters are often standing in line, or at least the landlord presents it that way.

("If you don't want to sign it, Mr. Kelly, I've got plenty of people who will.") ...CONTINUED

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