Rental Property Investor · NorCal · Member since 2018 · 399 posts · 222 votes
6y
Assuming you refer to the lessee that has died, technically, pretty straightforward - lease terminates now that your lessee no longer exists. Do what you will.
Rental Property Investor · NorCal · Member since 2018 · 399 posts · 222 votes
6y
Assuming you refer to the lessee that has died, technically, pretty straightforward - lease terminates now that your lessee no longer exists. Do what you will.
Property Manager · Alpharetta, GA · Member since 2018 · 163 posts · 117 votes
6y
Too many variables, cross that if it happens.
Lease should have a break clause. Not a break for death, but early termination. That's your guide. Talk to your owner (if that's not you) only if this happens, figure out a plan that's best for the property.
Be a human, set clear expectations, and what will happen if they don't meet them.
If the elderly tenant is living with their son in your rental, the son's name should be on the lease. If he's can't pay the rent on his own, then he can break the lease and move.
If the elderly tenant is living with their son in your rental, the son's name should be on the lease. If he's can't pay the rent on his own, then he can break the lease and move.
Thanks yes both are on the lease
Ok. I’m also weighing a quality tenant that’s been there several years with no issues vs finding someone new should that time come vs maybe just selling it
If the elderly tenant is living with their son in your rental, the son's name should be on the lease. If he's can't pay the rent on his own, then he can break the lease and move.
Thanks yes both are on the lease
Ok. I’m also weighing a quality tenant that’s been there several years with no issues vs finding someone new should that time come vs maybe just selling it
planning ahead just in case
If he's on the lease and has been no troubles and the elderly parent is still alive and living there, I wouldn't worry about it.
If the elderly tenant is living with their son in your rental, the son's name should be on the lease. If he's can't pay the rent on his own, then he can break the lease and move.
Thanks yes both are on the lease
Ok. I’m also weighing a quality tenant that’s been there several years with no issues vs finding someone new should that time come vs maybe just selling it
planning ahead just in case
If he's on the lease and has been no troubles and the elderly parent is still alive and living there, I wouldn't worry about it.
Thanks yes not worried about it until such an event should come to pass but wanted to make sure I understood and could plan accordingly.