 3 tenants on contract (by Gab [CA]) May 26, 2018 5:12 PM
 3 tenants on contract (by Ken [NY]) May 26, 2018 5:31 PM
3 tenants on contract (by Jim in O C [CA]) May 26, 2018 5:35 PM
3 tenants on contract (by AllyM [NJ]) May 26, 2018 6:20 PM
3 tenants on contract (by MikeA [TX]) May 26, 2018 6:53 PM
3 tenants on contract (by Gab [CA]) May 26, 2018 6:54 PM
3 tenants on contract (by Ken [NY]) May 26, 2018 7:06 PM
3 tenants on contract (by NC INVESTOR [NC]) May 26, 2018 8:27 PM
3 tenants on contract (by CX [WA]) May 27, 2018 10:38 AM
3 tenants on contract (by LindaJ [NY]) May 27, 2018 12:03 PM
3 tenants on contract (by NC INVESTOR [NC]) May 28, 2018 2:45 PM
3 tenants on contract (by Gab [CA]) Posted on: May 26, 2018 5:12 PM
Message:
I have three prospective tenants wanting to rent together. They all want their names on the contract. The contract is a month to month. I usually don't like this type of arrangement. One of them is leaving sooner than a year, while the other two stay. What becomes of the rental situation when one moves out? Do I need to sign a new contract with the remaining two? Are the remaining two responsible for the third person's rent when that person is gone? Should I only put one of the three name on the contract? --76.14.xxx.xxx |
3 tenants on contract (by Ken [NY]) Posted on: May 26, 2018 5:31 PM
Message:
I would put all 3 names on the lease and when 1 moves out I would not take there name off the lease.They pay a set amount of rent and when 1 moves out whoever remains still has to pay the same rent.This assumes you want to deal with them at all --72.231.xxx.xxx |
3 tenants on contract (by Jim in O C [CA]) Posted on: May 26, 2018 5:35 PM
Message:
All 3 on the lease agreement "jointly and severally" responsible for the rent payment. When the first one moves then the remaining two will need to decide if they want to find another renter that meets with your approval, split the rent or move. --75.22.xx.xx |
3 tenants on contract (by AllyM [NJ]) Posted on: May 26, 2018 6:20 PM
Message:
I would put all three on the lease with the provision that when one leaves, the rent for the other two becomes one half of the full rent, not one third. --73.178.xxx.xx |
3 tenants on contract (by MikeA [TX]) Posted on: May 26, 2018 6:53 PM
Message:
You have a lease with the 3 of them together. Make it clear to them that this isn't that each are renting a third of the property. They are collectively renting the unit as a whole. You don't care who pays what part, only that the rent is received. If it is not paid, you have the right to go after each of them individually, whether they paid their share or not and whether they moved out early or not.
If you wish, and given that one has announced that they are not staying to the end, you could make them qualify on the 2 remaining incomes. --50.26.xx.xxx |
3 tenants on contract (by Gab [CA]) Posted on: May 26, 2018 6:54 PM
Message:
What happens to the SD? If the third one goes, along with a third of the SD, do the remaining two have to come up with the difference in SD? --76.14.xxx.xxx |
3 tenants on contract (by Ken [NY]) Posted on: May 26, 2018 7:06 PM
Message:
The security stays with the unit,dont get involved in there drama,you keep the full security and when the others move assuming they have something coming back all 3 names go on the check.You are renting an apartment not individual rooms. --72.231.xxx.xxx |
3 tenants on contract (by NC INVESTOR [NC]) Posted on: May 26, 2018 8:27 PM
Message:
The lease is for one year. All 3 are equally responsible for the rent for the entire lease (joint and several). They can make any side arrangements they want but in the event the 2 remaining tenants do not fulfill their obligation he is still on the hook until the initial term of the lease ends. SD always stays with the lease until it ends.
As with the rent they may decide to pay him his share of the SD when he leaves but if they do that you will need a signed release from the departing tenant relinquishing his share of the SD distribution when the initial term ends. In NC we are required to include all parties on the return refund SD check as opposed to separate checks. Check your local rules on how to distribute checks to multiple non-related parties. --71.75.xx.xx |
3 tenants on contract (by CX [WA]) Posted on: May 27, 2018 10:38 AM
Message:
Key words to include in lease (as stated by Jim in O C above):
"jointly and severally."
When the one moves out and they want to add another, you can add them via an addendum to the rental agreement, providing they pass your screening/credit check/reference process.
Make sure your rental agreement clearly states that they cannot simply add another roommate without your prior approval. --71.212.xx.xxx |
3 tenants on contract (by LindaJ [NY]) Posted on: May 27, 2018 12:03 PM
Message:
Is this Month to month or a year lease? If it is a month to month agreement or what you are calling a contract, I think you have some different options. Month 2 month means that at any time, the LL or the tenant can give 1 month notice that they will be ending the agreement. So if one of them leaves, you could just make a new agreement with the other 2. --108.44.xx.xxx |
3 tenants on contract (by NC INVESTOR [NC]) Posted on: May 28, 2018 2:45 PM
Message:
The big question is can the two remaining afford the property when the 3rd tenant leaves? Do they each earn your required minimum monthly income? --71.75.xx.xx |
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