I'm a property owner and I have a lease with 3 roommates on it. One roommate will be leaving at the end of the term. She has found someone to replace her on the lease because the 2 others want to stay.
My question is should I do an entire new lease with the 2 old & 1 new names on it.
or Keep the existing lease and make an addendum that replaces old roommate with new roommate?
I'd go with the addendum option unless there is something you want to change with the current lease. You'll need to go over every section if you write a new one.
That was my thought too, but wasn't sure how to handle the security deposit in the addendum. It would be cleaner to do a new lease but much more time.
If an addendum is easier and they're agreeable, I'd tell them to sort the security deposit out on their own. But get it in writing that the security deposit that would have previously been returned to "A and B and C" will now be returned to "A and B and D". If they're not agreeable to that, terminate the existing lease, inspect the property and determine the deductions to the deposit. Return the remainder to A and B and C and then collect a new deposit from A and B and D. But do fix whatever issues you deduct for.
Jon Holdman, Flying Phoenix LLC
Aaron is correct, unless you want the new tenant on a longer term or better yet do the new lease with all three if your wanting to extend agreement. Your going to go over the lease with the new tenant no matter what.
addendum will always be easier when possible. That way you can keep it simple, simple usually means signed faster.
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