LEASE TERMINATION QUESTION : ezLandlordForms

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LEASE TERMINATION QUESTION

Ralph D

started a topic about 14 years ago

Hello, I am renting a home to two sisters and will be offering the home for sale in a month or two. One sister is interested in buying the house, the other will be moving out at end of month. 1) If the one sister does move out, how do I handle the Deposit? Is it the responsibility of her sister to pay her back her share of the deposit? 2) The interested sister has a boyfriend who may go in on buying the home. He however wants to move in immediately after the other sister moves out and thus needs to be put on the rent. Do I have to draw up another lease agreement completely or can I just do an Addendum noting he replaces the other sister? I desire to keep renting the house until and if the home sales! 3) If and when I find a buyer, I understand a lease termination notice is given. My question is, do I prorate the rent and how much notice must be given? What of the boyfriend who may have just been added to the lease? Do I have to honor a full month in his regards? Thanks

1 Comment

Denise S

said about 14 years ago

The best case scenario would be to have each of the sisters sign some type of agreement that releases the one that is leaving. Ask them about the security deposit and include the arrangement in the release. I would then draft an entire new lease between the boyfriend and girlfriend.