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Hi, have renter who would like to add girlfriend to lease. Have done background/credit checks, written new lease, and addendum for her.
The original renter paid the full security deposit when renting the apartment over a year ago; do I need to make any changes/specifications in the rental agreement at this time regarding the security deposit (we are not charging any additional security deposit for her) to clarify to whom we return the deposit when they leave (either separately or simultaneously)?
thank you ultrarunner. I did make out brand new leases--but I kept the terms of the original lease the same for they guy (great renter) as he is doing month to month with 90 day notice to end lease (sort of like an opened ended 3 month lease, ongoing). I just added his girlfriend's name on (good credit, etc) after I received her rental application. So I will tell him that the deposit that he paid 2 years ago is to be worked out between the two of them--for example, if they left in 9 months, they would each be equally paid their share of the deposit? I did not want to add additional deposit.
Scenario some day in the future: "add on" girlfriend and Mr. Goodrenter go their separate ways and both move out. You give half of Mr. Goodrenter's deposit to the girlfriend? Even easy-going me would be royally pi**ed.
So how do I resolve this? Should I include a statement in the lease/addendum that they each are due back a portion of the deposit? Or is the deposit payable to the last individual who leaves the apartment (meaning they would have to settle up the deposit between themselves prior to one or the other leaving, if they do not eventually move out together). How do people who have two renters who are unmarried renting together accept/return deposit funds? Or is that to be settled between the renters?
So how do I resolve this? Should I include a statement in thelease/addendum that they each are due back a portion of the deposit? Or is the deposit payable to the last individual who leaves the apartment (meaning they would have to settle up the deposit between themselves prior to one or the other leaving, if they do not eventually move out together). How do people who have two renters who are unmarried renting together accept/return deposit funds? Or is that to be settled between the renters?
You are adding her name to the lease or creating a new lease with both names, this entitles both parties to have their name on the refunded deposit check, no additional clause is neccessary.
Collecting two deposits on the same contract would be illegal.
Once you issue that check to an agreed upon forwarding address in both parties names after move out, (I'd get both of their signatures agreeing to where the check will be returned), how they divide it and what happens is not your worry, you've done what you have to do by law.
I've managed a few homes with college students... either they are all on the lease or you allow the person on the lease to sublet... homes located in a college town.
The last thing you want is to be involved in allocating damage, rent and deposits... it's a disaster waiting to happen.
My rental agreements already state that each person on the lease is jointly and severally liable for rent and damages... after all, the tenant is choosing to add or share the unit... not you.
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