 ELT for one ? (by Cindy [IN]) Nov 29, 2023 10:28 AM
 ELT for one ? (by Cindy [IN]) Nov 29, 2023 10:38 AM
ELT for one ? (by zero [IN]) Nov 29, 2023 10:44 AM
ELT for one ? (by Jason [VA]) Nov 29, 2023 10:51 AM
ELT for one ? (by S i d [MO]) Nov 29, 2023 11:58 AM
ELT for one ? (by Ken [NY]) Nov 29, 2023 12:11 PM
ELT for one ? (by Still Learning [NH]) Nov 29, 2023 12:47 PM
ELT for one ? (by Barb [MO]) Nov 29, 2023 12:56 PM
ELT for one ? (by zero [IN]) Nov 29, 2023 5:48 PM
ELT for one ? (by 6x6 [TN]) Nov 29, 2023 6:49 PM
ELT for one ? (by Vee [OH]) Nov 30, 2023 6:56 AM
ELT for one ? (by BRAD 20,000 [IN]) Dec 1, 2023 1:18 AM
ELT for one ? (by BRAD 20,000 [IN]) Dec 1, 2023 1:19 AM
ELT for one ? (by Cindy [IN]) Posted on: Nov 29, 2023 10:28 AM
Message:
Mother and adult son signed lease together at move in.
Son now wants to move out . Our lease has an ELT clause equal to 2 months rent .
Mother is staying but wants a boyfriend to move in his app has been approved.
Son is young 20 yrs old . He has contacted us asking
to inform us he will be moving out and asked if could be released from the lease . I delayed and i am to call him back .
My thoughts : is it right to charge him any part of the ELT as the home will not be vacant.
But i do not want to contribute to a young man not taking a a legal document seriously by not experiencing any repercussions for not honoring or completing it.
Also there is the additional time to screen the boyfriend’s app and change the docs .
I also feel the boyfriend should be invested financially to the sec deposit . Should we charge additional ?
Any suggestions will be greatly appreciated .
Thank you much . --172.111.xx.xx |
ELT for one ? (by Cindy [IN]) Posted on: Nov 29, 2023 10:38 AM
Message:
ELT for one ? (by zero [IN]) Posted on: Nov 29, 2023 10:44 AM
Message:
Why would you charge for ELT when you are not experiencing any financial woes from the deal?
I would have the son and mother sign an agreement that the SD stays put. They can haggle among themselves over that. Remove son from lease, put BF on lease and go have lunch.
Also will add that I do not do ELTs as I do MTM rents only. So take that as you will. --107.147.xx.xxx |
ELT for one ? (by Jason [VA]) Posted on: Nov 29, 2023 10:51 AM
Message:
Let your conscious be your guide. If you want your current tenants to hate you because you’ve screwed them over, have at it, But no judge would enforce it. --172.58.xxx.xxx |
ELT for one ? (by S i d [MO]) Posted on: Nov 29, 2023 11:58 AM
Message:
In this case, the lease is not being terminated; rather, it is being modified. ELT = Early Lease Termination. No termination = no fee.
However, I would charge a paperwork processing fee. Mine is $50. Covers my time making the modification that they requested for their benefit and which requires me to make efforts I otherwise would not have to have made. Ergo, I deserve compensation. If they refuse to pay it, then the lease stays "as is".
--184.4.xx.xx |
ELT for one ? (by Ken [NY]) Posted on: Nov 29, 2023 12:11 PM
Message:
I would charge him the ELT fee to remove him from the lease which removes his responsibility if mother doesnt pay and gets evicted. I dont remove anyone from a lease but i would if he paid the ELT --74.77.xx.xx |
ELT for one ? (by Still Learning [NH]) Posted on: Nov 29, 2023 12:47 PM
Message:
If you are ok with just the mother and boyfriend on the lease and the mother is ok with releasing her son, I would draw up paperwork that the mother and son would both sign saying he is removed and he has no claim against you and the mother takes responsibility for any damage done notating the security deposit will be returned to those named on the lease at the end of the lease. I would draw up paperwork adding the boyfriend to the lease notating that he accepts responsibility for any damage seen or unseen prior to his move in and that the security deposit is returned to the names on the lease minus money owed to landlord at the end of the lease. Landlord, mother, son all sign the removal paperwork. Landlord, mother, boyfriend all sign the addition paperwork. They all clearly understand any security deposit money changing hands is between them because the security deposit stays with the lease. --73.159.xxx.xx |
ELT for one ? (by Barb [MO]) Posted on: Nov 29, 2023 12:56 PM
Message:
Does mom qualify on her own? If so. Issue a new lease to her, and charge son a peperwork fee. Mine already states that adding or removing one person from a lease mid-term has a $100 fee attached. --149.76.xxx.xx |
ELT for one ? (by zero [IN]) Posted on: Nov 29, 2023 5:48 PM
Message:
I like the idea of charging an admin fee for changing everything.
Adding that to my list of things to do actually.
--107.147.xx.xxx |
ELT for one ? (by 6x6 [TN]) Posted on: Nov 29, 2023 6:49 PM
Message:
The administration fee sounds like a good option here. --73.190.xxx.xxx |
ELT for one ? (by Vee [OH]) Posted on: Nov 30, 2023 6:56 AM
Message:
Why invite problems like the deposit accounting - you will have a hard time when the unit goes empty, that is when the real excitement takes place, best to inspect deeply now, add existing damages to next rent cycle as should be done the entire time of the leasehold. Since you already approved the new occupant you are already in the swimming pool although you may not have your goggles and hair cap on yet.
--184.59.xxx.xx |
ELT for one ? (by BRAD 20,000 [IN]) Posted on: Dec 1, 2023 1:18 AM
Message:
Cindy,
We allow him to pay the ELT to remove his name from the lease and Mom must submit a fresh app to prove she can afford the rent.
It's us LLs who are stingy with our money. Lots of people are happy to pay the ELT for their freedom.
BRAD --73.103.xxx.xxx |
ELT for one ? (by BRAD 20,000 [IN]) Posted on: Dec 1, 2023 1:19 AM
Message:
PS
And that boyfriend must submit and app and be approved before occupying.
BRAD --73.103.xxx.xxx |
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