Multi-tenant lease
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Multi-tenant lease (by Hoosier [IN]) Feb 13, 2019 4:22 PM
       Multi-tenant lease (by NE [PA]) Feb 13, 2019 5:11 PM
       Multi-tenant lease (by ned [AL]) Feb 13, 2019 5:31 PM
       Multi-tenant lease (by Robert J [CA]) Feb 13, 2019 5:57 PM
       Multi-tenant lease (by RentsDue [MA]) Feb 13, 2019 6:32 PM
       Multi-tenant lease (by Hoosier [IN]) Feb 13, 2019 8:43 PM
       Multi-tenant lease (by BRAD 20,000 [IN]) Feb 13, 2019 8:50 PM
       Multi-tenant lease (by Hoosier [IN]) Feb 13, 2019 9:37 PM
       Multi-tenant lease (by WMH [NC]) Feb 14, 2019 4:51 AM

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Multi-tenant lease (by Hoosier [IN]) Posted on: Feb 13, 2019 4:22 PM
Message:

For those of you who rent to multiple tenants who are unrelated (such as 3 friends), how do you handle deposit refunds should one move out? Example:

3 friends move in, rent is $900 and SD is $900

1 friend moves out a year later, and the remaining two find a new friend to take their place...that person applies and is approved.

I inspect the property and find nothing damaged, so the person who moved out wants their deposit back

How do you handle this?

Send 1/3 to the person who moved out and require 1/3 of the person who moved in?

They are/were good tenants and all went well (this happened a couple months ago), but I can see this getting messy in the future if I don't figure out the proper way to handle it.

I know some of you don't allow "unrelated" multiple tenants...your choice. I've done it 8 times and it has worked very well for me to this point....just trying to find the cleanest way to handle this situation.

Thanks --99.92.xxx.xxx




Multi-tenant lease (by NE [PA]) Posted on: Feb 13, 2019 5:11 PM
Message:

I don't return anything until they are all out. Don't care if one leaves in the meantime. He/she stays on the lease until the end. --50.107.xxx.xx




Multi-tenant lease (by ned [AL]) Posted on: Feb 13, 2019 5:31 PM
Message:

I rent to all. If I return a deposit, it's made to all parties on the lease. Let them figure it out. --70.92.xx.xx




Multi-tenant lease (by Robert J [CA]) Posted on: Feb 13, 2019 5:57 PM
Message:

If I rent to three friends and one move out. The new person taking their place pays the exiting party their share of the deposit. Or they can wait until I get the unit delivered to my empty and in good condition. --47.156.xx.xx




Multi-tenant lease (by RentsDue [MA]) Posted on: Feb 13, 2019 6:32 PM
Message:

I take seperate Deposits. My state wants it in escrow and the bank only lets me put one tenants name on it. It has never been a problem. At the end of tenancy I divide any deductions equally. They usually get it all back anyway. I did have one who chased me around town trying to explain that it wasnít her who did damage. Donít care, told her to read the lease. --71.10.xxx.xxx




Multi-tenant lease (by Hoosier [IN]) Posted on: Feb 13, 2019 8:43 PM
Message:

Thanks all --99.92.xxx.xxx




Multi-tenant lease (by BRAD 20,000 [IN]) Posted on: Feb 13, 2019 8:50 PM
Message:

Hoosier,

One lease with signatures of all occupants. This makes eviction easier if needed.

One deposit.

The deposit stays with the house until everyone is out. The single deposit return check is written with all names as PAYEE.

If a person leaves, with the signatures of all remaining persons agreeing we will remove their name from the lease WITH AN ELT FEE. The remaining persons may buy out the exiting personís share of the deposit.

The agreement states the remaining persons are responsible for any damage even if created by the res who left earlier. Learned THAT one the hard way!

Adding a person after screening, all parties sign an agreement, new person usually buus out the deposit of the exiting person.

BRAD --73.102.xxx.xxx




Multi-tenant lease (by Hoosier [IN]) Posted on: Feb 13, 2019 9:37 PM
Message:

Thanks Brad...I already do most of those things...having the new tenant buy out the leaving one is an idea

--99.92.xxx.xxx




Multi-tenant lease (by WMH [NC]) Posted on: Feb 14, 2019 4:51 AM
Message:

New tenant buys out departing tenant, departing tenant signs one page document stating he has no claim on the Deposit. --50.82.xxx.xx



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