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Rent guarantor in Scotland
Sandtree
Posts: 10,628 Forumite
A purely theoretical question...
In England and Wales a contract requires offer, acceptance and consideration (aka payment). If you act as a guarantor for a tenancy the agreement has to be executed as a deed because there is no consideration and therefore requires witnesses etc
In Scotland however consideration is not required on a contract (or even acceptance in some cases) and so are guarantor agreements still executed as deeds or are they contracts?
In England and Wales a contract requires offer, acceptance and consideration (aka payment). If you act as a guarantor for a tenancy the agreement has to be executed as a deed because there is no consideration and therefore requires witnesses etc
In Scotland however consideration is not required on a contract (or even acceptance in some cases) and so are guarantor agreements still executed as deeds or are they contracts?
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Comments
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We don't execute anything "as a deed" in Scotland. A guarantee is a unilateral agreement, which is valid in Scotland however it's executed - though generally I'd expect them to be self-proving i.e. signed with a witness.0
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SaL do a guarantee application form and guidance notes0
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