What does being a guarantor mean?

If you are reading this, you have likely agreed to serve as a guarantor for an upcoming tenancy. It’s important to remember the following:

• A flatfair membership is not a deposit. It is not refundable at the end of the tenancy and does not count towards covering any sums owed under the tenancy agreement.
• Tenants are charged at the end of the tenancy for damages and unpaid rent in line with their responsibilities as per their tenancy agreement. With flatfair, tenants are simply invoiced for any charges at the end of the tenancy, unlike a traditional deposit where tenants provide a deposit at the start of the tenancy.
• In line with the tenancy agreement, guarantors may be responsible to cover any charges owed by the tenants where charges are not settled in a timely manner.