Tip #224: Keeping It Together
If you rent to a married couple, it’s probably a good thing.
But, not always.
If your married tenants were to split and go their separate ways, you may find yourself with one of them expecting to stay in your unit. The other is likely off somewhere, renting another property.
Now all of a sudden you have a conundrum. What if they aren’t both tenants on the lease? What if you don’t have any information on the remaining spouse because the other one rented the unit?
So, what to do?
First of all, be sure that both parties fill out a rental application, and both of them sign the lease. You want both of them to be responsible for paying the rent.
You need to protect your legal rights. The remaining party may — or may not– have the ability to pay the rent. If one of the co-tenants leaves, the lease may be broken. It may be time to review the rental relationship between all parties to the lease and determine the best path forward.
See last week’s Landlord Quick Tip.
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