Do I write lease for co-signer or other?

Question

Parents are willing to guarantee the lease for grown son (+his girlfriend and their son).  The parents will not be residing in the home.  Do I write the lease for the son and girlfriend with the parents as co-signers OR  write the lease for the parents and add a clause for the kids as tenants?  Or something else?   I want the best protection for my property but don't know how to cover this.

Steve Nowak · Answer

Okay, point taken.

Steve Nowak · Answer

Should be notified, yes, I agree.   But whether it's legally or contractually required is a different matter.

Steve Nowak · Answer

You should definitely indicate somewhere on the lease who is authorized to reside on the property.  You might also want to consider a separate co-signer agreement or addendum.   Here's just one example.   That example makes it clear that the landlord is not required to notify the co-signer if the tenant is in default.  A requirement to serve notice to the co-signer of a default can delay an eviction process.

Marie Shultz · Answer

My lease does not have a line for "occupants".    There is no line for  who will be residing in the home.  Should I add it?

Michael Noto · Answer

@Marie Shultz Write it up so if the ship goes down everyone is on the hook. That's the best way to ensure you get your money assuming the parents are very qualified co-signers with well-established credit and cash.

Jason Boulay · Answer

@Colleen F.

For my leases (in RI), I have the cosigners and the tenants all as leaseholders.  The lease is jointly and severally with both cosigners and tenants, so everyone is on the hook.  I only list the tenants as occupants of the unit.

I'll use the cosigners income to meet my income requirement, verify income, landlord verification for cosigners & tenants, conduct credit checks on all of them, and complete background checks on the tenants only.

Tom Gimer · Answer

Your tenants will be the youngsters and their child. Your guarantors will be the parents. Good luck.

Do I write lease for co-signer or other?

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