I just purchased an investment property. One of the tenants is elderly. I was just informed that her son has taken over her finances. There was no lease agreement in place when I purchased. The tenant wants to stay, but I'm not sure how to draft the lease. Has anyone ever done a lease where the tenant living there will not be signing the lease? Do i put the elderly mother's name as the tenant and just have her son sign it?
I’d still have the mother sign the lease, as the tenant. The son could be a co-signer, or not. He is simply writing the checks, I assume, and perhaps be your point of contact.
@Dan B. The lease is between you and the tenant. Write it up as normal and give him a copy and have him sign your copy and his to say that he's received a copy.
I agree that the lease should be between you and your tenant. If the son wants to sign then he should do so using a valid power of attorney (or court appointment as a guardian/conservator). You should review the power of attorney document to ensure it allows him to enter into such contracts on behalf of the parent.
Having him sign a copy could also prevent a claim of elder financial abuse in the future.
Regardless of who signs the lease, the mother will at the least be an occupant so her name should appear at least as such. Talk to the son and ask for some guidance on how to mutually agree to an appropriate solution going forward.
For example, if the son will be making all payments with his money, then it may make sense to have the lease in his name with his mother as an occupant. If the son will only be assisting his mother and she signs all checks and documents, the son may not have any reason to be on the lease at all.
@Dan B. . I’d have them both sign this if possible. I have a tenant who is on disability and his aunt pays his rent, so it’s a similar situation