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Co-signer for rental


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1 hour ago, Herman said:

I’ve read that in order to rent a house you have to have a Mexican co-signer. Can anyone provide info on this and how Americans rent?

 

thank you

money talks, the rest sleep in the street or with da' fishes....

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Everything is changing. It used to be unheard of at the lake. However, recently I have heard it being mentioned. I understand it is fairly common in Guadalajara and other big cities. Now, that Lakeside has been “discovered” we too can begin enjoying all the perks of living in a booming rental market. 

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It is certainly not a "law". Things in the big city might be different. I would think getting an expat to rent your place would be sought after, no matter the prices or shortage of houses.

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An aval or fiador (two separate words for cosigner on a lease, mean the same thing, co-signer on a lease) are required 99.9% of the time in Mexico City.  The cosigner signs official forms that mean that in the event that the renter defaults on the lease, the cosigner will pay the entire amount remaining on the lease.  To be eligible as an aval, the cosigner must own his or her property outright, no mortgage permitted.  When I moved to Mexico City, I knew many, many people in the city--mostly Mexicans, the majority of whom 'owned' property--but with a mortgage.  My prospective landlady finally agreed to accept 12 months worth of pagarés--the legal equivalent of the less-formal Stateside IOUs--in lieu of an aval, guaranteeing that I would pay the rent each month.  I lived in that apartment for almost eight years, and despite my 8 years of prompt payment of the monthly rent, she still required annual pagarés.

After last September's earthquake here, I had to find a new apartment.  The owner here did not require an aval but DID require an insurance policy for one year guaranteeing that the rent would be paid.  One year only, though.

Sunset view from my kitchen window, October 24, 2018.

Atardecer Cocina 2a 24 oct 2018.jpg

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Ohhhhh, very nice view.  Request for a Fiador is fairly common in Guadalajara however there are companies whose business is being a fiador so I am guessing that is similar to your insurance policy. I vaguely recall that it cost is equal to a month rent. Here I have only heard of a Fiador being required twice.  Both times for very high-end national owned properties which in around 2011 were $2500 US each and both were leased to executives of Hershey on their housing package.  There are some national owners now requesting the entire year of Pagares but those are still not common.  Its a whole new market.

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