A co-signer is a person who signs a credit application alongside another individual, agreeing to be equally responsible for the repayment of the loan. This involves providing additional assurance to the lender that the loan will be repaid.
A guarantor is a third party to a lease, mortgage, or other legal instrument who guarantees performance under the contract. Guarantors play a critical role in helping individuals or businesses secure financing or lease agreements by providing an additional layer of security for the lender or landlord.
In real estate, a guaranty involves an assurance provided by one party to compel another party's performance under a contract, often involving a co-signer to ensure obligations are met.
