A landlord in Victoria, BC, is considering a prospective tenant with a good rental history but low income. To mitigate risk, the landlord considers requiring a co-signer. What is the primary purpose of having a co-signer or guarantor in this scenario?

Question: A landlord in Victoria, BC, is considering a prospective tenant with a good rental history but low income. To mitigate risk, the landlord considers requiring a co-signer. What is the primary purpose of having a co-signer or guarantor in this scenario?

Answer options:

• To ensure the co-signer provides additional security deposit funds.
• To hold the co-signer responsible for maintaining the property. ✅ To legally bind another party to fulfill the tenant's obligations, primarily financial, if the tenant defaults.
• To allow the co-signer to reside in the unit if the primary tenant moves out.

Correct answer: To legally bind another party to fulfill the tenant's obligations, primarily financial, if the tenant defaults.

Explanation: A co-signer or guarantor legally commits to fulfilling the tenant's obligations, particularly financial ones like rent payments, should the primary tenant fail to do so, providing an additional layer of security for the landlord.