Try Dorit for FreePersonal Guarantors
Private individuals who agree to accept financial responsibility on behalf of a tenant should the tenant fail to meet their lease obligations.
A personal guarantor signs an agreement obligating them to pay the landlord if the tenant defaults. Guarantors can be family members, friends, or anyone willing to take on the financial liability. A guarantee can cover the full liability or a portion of it, provided the total sum of all securities does not exceed three months' rent.
Israeli law makes a distinction between a standard guarantor and a joint guarantor: a standard guarantor can only be sued after the landlord has exhausted all efforts to recover money from the tenant, whereas a joint guarantor can be sued directly and immediately. In practice, most leases require joint guarantees. It is important to realize that guarantors face lawsuits and Execution Office collections just like the primary tenant.
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Related terms
Security Guarantee Cap (3 Months' Rent)
Under the law, a landlord can demand guarantees up to a total maximum value of 3 months' rent.
Promissory Note
A legal document where a tenant commits to paying the landlord a specific amount if the lease is breached, payable on demand.
Bank Guarantee
A formal commitment from a bank to pay the landlord a specified sum if the tenant fails to fulfill their obligations under the lease.
The information in this glossary is for general informational purposes only and does not constitute legal advice. In the event of a dispute or a specific legal question, consult an attorney specializing in tenancy law.