How to handle (by GKARL [PA]) Nov 16, 2023 1:21 PM|
How to handle (by MC [PA]) Nov 16, 2023 1:47 PM
How to handle (by Jason [VA]) Nov 16, 2023 2:57 PM
How to handle (by S i d [MO]) Nov 16, 2023 3:00 PM
How to handle (by Ken [NY]) Nov 16, 2023 3:36 PM
How to handle (by Robert,OntarioCanada [ON]) Nov 16, 2023 4:54 PM
How to handle (by Ray-N-Pa [PA]) Nov 16, 2023 5:16 PM
How to handle (by Ed [CA]) Nov 16, 2023 8:44 PM
How to handle (by Still Learning [NH]) Nov 16, 2023 9:57 PM
How to handle (by BRAD 20,000 [IN]) Nov 17, 2023 12:00 AM
How to handle (by don [PA]) Nov 23, 2023 10:25 PM
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How to handle (by GKARL [PA]) Posted on: Nov 16, 2023 1:21 PM
I have a M2M tenant where three folks on the the lease; two who live there and one person who added herself at the outset to lend her credit and income to help them qualify. Subsequently, one of the occupants has gotten a very solid job with a commuter railroad and wants to have the lease only in the name of the two occupants. I don't have a problem with doing this. How do I proceed with respect to the SD? My thought is to have the one person sign a release of some sort. The other alternative is to return it in all three names and collect a new SD only in the names of the two occupants. All are related (two sisters and a son). The latter may be the cleanest way to handle it.
How to handle (by MC [PA]) Posted on: Nov 16, 2023 1:47 PM
I would let the remaining 2 pay the departing one and hold what you have. You would be hard pressed to see the current damages. Yes, get a statement that the security deposit will convey to the remaining Ts. --73.230.xxx.xx
How to handle (by Jason [VA]) Posted on: Nov 16, 2023 2:57 PM
Make them sort it out amongst themselves --172.56.xxx.xx
How to handle (by S i d [MO]) Posted on: Nov 16, 2023 3:00 PM
My thoughts/goals with any tenant-requested alteration to the agreement are as follows:
1) I'm doing THEM a favor that THEY are requesting.
2) If I choose to do it, it's effort and time I should be compensated for.
3) If it increases my risk, that must also be compensated for it.
So, first thing: $50 paperwork fee for having to mess with this when I could otherwise be sipping an ice-cold beverage.
The security deposit is up to them to figure out. I don't do refunds until EVERYONE moves out and full possession is returned to me. They can make their own agreement on how to divvy it up. If they want the outgoing tenant to sign a release, then they need to provide that to me, or else I write the refund check everyone on the lease.
You have to ask yourself why their want the one person's name removed. The only reason to have your name removed from a lease is so that 1) the person no longer has rights to access the property and 2) so the person doesn't have any responsibility for what happens at the property.
What does that tell you about what's going to happen at the property?
Proceed with caution.
How to handle (by Ken [NY]) Posted on: Nov 16, 2023 3:36 PM
I dont remove anyone from a lease until everyone leaves,just because someone got a better job,whether they are moving or not is not a reason for me to remove them,sounds like better security to me --74.77.xx.xx
How to handle (by Robert,OntarioCanada [ON]) Posted on: Nov 16, 2023 4:54 PM
Most jurisdictions it is illegal to key money where more than likely that person will absolutely not pass a thorough credit check so after they move it is going to be a Cinderella story. Tell them to break the lease then move out where the person must pass a thorough credit check which is not possible. Unfortunately housing is finite where most jurisdictions the population has gone up along with number of new rental units has not. In province of Ontario the base line is a minimum credit score of 700 and above. So the only option is community (housing authority) which is rental housing as a last resort where here I doubt credit checks are done. So avoid handing keys through the gates of hell where do need drama, lies along completely trashed out rental unit. Had a tenant who wanted to move to nice rental unit below where he completely trashed out the upper rental unit. Where told it going to $200 more where he started calling me a slumlord. If one trashed out rental unit then who needs another trashed out rental unit. Once he moved had to remove where the stench along with dirt was severe where cut up then threw over balcony as could not bring down hallways. Completely renovated that rental unit where installed a commercial porcelain flooring, renovated bathroom then fixed interior wall so that was end of slum tenant. View some videos on You Tube about the tenants from hell then will not want to go there. --207.236.xxx.xxx
How to handle (by Ray-N-Pa [PA]) Posted on: Nov 16, 2023 5:16 PM
Why would you want to co-mingle two separate approaches?
I would terminate the one lease and do a second one -providing the other two roomies move out. They set up tenancy in the place and they can get into a spat and you are left holding the bag --24.101.xxx.xxx
How to handle (by Ed [CA]) Posted on: Nov 16, 2023 8:44 PM
They just got the job. I'd want a year of them on the job before I gave up my co-signer.
How to handle (by Still Learning [NH]) Posted on: Nov 16, 2023 9:57 PM
I don’t do m2m but have done similar things. I used a co-signer and after 1 year I agreed to release the co-signer. I just created paperwork for it. When I have a situation with a break up, roommate leaving or being added during a year long lease, I create paperwork that everyone signs. The paperwork will release the outgoing and they sign that they have no claims against the landlord and understand the security deposit stays with the unit. The remaining or incoming sign that they are accepting responsibility for any damage that has been done visible or not by the outgoing person and that the security deposit will be distributed to all names on the lease at the end of the lease. They all understand the security deposit is between them to figure out. I do not charge for paperwork. --73.159.xxx.xx
How to handle (by BRAD 20,000 [IN]) Posted on: Nov 17, 2023 12:00 AM
Make it very clear that the damages go back to the start of the lease and involve all persons. I let someone out of a lease. When the others exited the siding was melted from a grill. They said the departed res did it and the judge threw it out “Should charged that res “
How to handle (by don [PA]) Posted on: Nov 23, 2023 10:25 PM
You have to inspect the property and assess what, if any, damages have occurred. Subtract them from the security deposit. Now, the revised security deposit must be distributed to the current tenants and a new full security deposit established by the new set of tenants. Do not refund the existing deposit until you get the new one. You can also apply the remaining balance of the old security deposit to the new deposit, as long as all parties agree to it. In that case, any reimbursements are done directly within the tenant group. --73.141.xxx.xxx
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