Multi Tenant Lease : ezLandlordForms

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Anna C

started a topic over 12 years ago

We have 5 people wanting to be on one lease for our large rental home - Is this okay? We have always had couples so we have never had this issue. I am not sure how we will deal with late fees, lease break fees, etc etc... Suggestions? They all want to be on it so I don't want to deter them but am confused on how to approach this and protect myself.

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Bob R

said over 12 years ago

Consider: All 5 sign a lease. Make sure that you have wording to state that EACH is fully responsible for the TOTAL RENT. Also, have them give you (or deposit directly to bank) 1 rent check. The same applies to the sec.dpst. The rent and sec.dpst is for the property and each and everyone needs to be fully responsible. If 1 tenant fails to produce their share, it’s not your problem to go after that person. If 1 tenant leaves, it’s up to the remaining tenants to find another tenant (not you) however, you do the credit check etc and have the final approval. Does this work for you? -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with this EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.

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Anna C

said over 12 years ago

This is perfect - thanks Bob! You are a wealth of knowledge. I will move forward with your advice.