I have inherited tenants, one of them just asked me if they could be taken off the lease and only have the other tenant remain on the lease. Their lease is up in July after which it is month to month. I was thinking they are both are responsible for the remainder but with a 30 day notice I could sign an addendum that they both agree to take one person off of the lease. But then I'm not sure how to handle the deposit.
Any experience and help is greatly appreciated, thank you!
Give them an addendum for them both to sign that relieves one of their responsibilities and transfers full responsibility to the other.
Add a statement that the deposit remains $xx and will be returned to person a at the end of the lease per the original lease terms. Tenant a and b are responsible to split the deposit as desired. (Not your problem)
Great thank you so much! I looked up similar questions after I had posted... They talked about verifying the remaining tenants income, so basically I told them that the remaining person would essentially need to reapply to renew the lease. Anyways they said never mind they'll keep it how it is. Thanks for the thoughts on the deposit I'll remember it for next time.
Have them both sign an addendum that removes one tenant and the other remains. You should not give any portion of the deposit back to anyone until everyone has moved out.
It's extra work on your part so figure out a way to cover the expense. I charge a $50 fee every time I add or remove a tenant. I also use a standard form that clearly explains what happens with everyone involved.
That’s a good idea. Are the things that have been mentioned in this post included in your form, or would you care to share a little more about what happens?