I have a situation happening with my rental, and since I'm new at this, I don't know what to do. I'll try and explain in detail:
Signed a 1 year lease with male/female (let's call them Jack and Jill) friends on March 29th, 2018. Both tenants have good references and great credit scores. Jill has a full time job making well over 3 times the rent. Jack is in graduate school with little to no income, but enough in savings to pay his share without any issue. Rent is up to date and the property looks great so far.
Jack calls and says he needs to move north for school/job/whatever. He says that Jill intends to stay and honor the lease by herself. She's more than qualified alone.
Do I need to start a new lease with just her? Should the two tenants make some sort of agreement together? I have a Change in Terms of Lease Addendum. Should I use that?
Any help would be greatly appreciated. I want to make sure I cover my bases. Thanks!
A lease addendum is probably the way to go in this situation.
This situation is a good one to include in your next lease agreement. Basically you have two options.
1. (easiest) ask Jill to renew her lease as the sole tenant and release Jack from the lease.
2. Form an addendum that Jack and Jill sign where Jill acknowledges she will be taking over for full rental payments, damages to the property, and security deposit (would not recommend giving half back to Jack you could argue this would cover him getting of his lease agreement early).
I'm sure there are pleanty of other options but those are the first 2 that come to mind.