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tenant versus occupant

My tenant has a friend staying with him, at least half of the time.  The lease is now in a month to month status.  Should I have this new person fill out an application and consider him to be just an occupant, or should I create a new lease with both of them on it?  The new person is over the age of 21.  This is a Colorado property.   Thanks. Leslie

Let's think about your options. If you have him as an occupant, only the original tenant would hold liability to all responsibilities. If you add the friend on, he then shares responsibility. If the original tenant just so happens to leave the premises, you don't want to get stuck with a holdover tenant.
Thanks............I need to check on "holdover tenant" definition.  I am assuming this is similar to squatters rights?
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