We have 4 tenants planning on renewing their lease oct 1. One of the tenants will be changing and they want to add him aug 1. What’s the best way to handle? I use cozy and have already emailed the new person the screening into. Should I do an addendum for the next 2 months, or just keep the lease as-is and have the new tenant added oct 1. Apparently the one he is replacing has already moved out, but is up to date on rent. they are on one single lease but each individually set up in cozy And pay 1/4 of the rent each month.
I have a move-in/move-out form. It is formatted to handle either move in or move out of a single tenant or both a concurrent move-in and move-out. It has signature lines for all existing tenants and for the incoming tenant. You can find examples online. The key information is that it says the security deposit stays with the house and any settlement of security is between the tenants. The outgoing tenant releases SD claims and the incoming tenant agrees to the move-in condition report the existing tenants filled out at the original move-in. The incoming tenant will have equal right to the SD at the end of occupancy and, again, settlement is between the tenants. I have the new tenant sign a lease and the move-in form is listed as addendum. I would have the term end at the same time as the current tenants and send the renewal with the others.
Just wanted to add, I would never allow separate payments (unless you have regular college rental situations). I require one payment and establish the responsible party before lease signing. If the entire payment is not made, the eviction is happening to each and everyone no matter if they pay their portion. Also, making it a singular payment makes it easier to stop a partial payment situation.
Thanks for your help!