Mother To Sign Lease
I have a mother who is interested in having her daughter and grand daughter... rent out a 1bdrm unit... and the mother will be paying for now until the daughter gets a steady job... the mother has no problem signing the lease and having her backround and credit checked,,, should I have any concerns that since she wont actually be living there.? I explained to the mother that if the daughter never finds a job she is still responsible for the terms of the lease....any thoughts?
You should have all tenants living there be resonsible for the lease. Do background checks and credit checks if you want. You then can bring in an additional guarantor but you should definatly be familiar with who is actually in your unit.
In my opinion the most important thing is the previous housing history. You can call up the landlord and find out lots of info.
The daughter needs to be legal age. I would have the daughter sign the lease, and the mother sign a promissary note guaranteeing the full amount of the lease. Also perform full application verification on the daughter and credit check on the mother.
Brenda
Hey,
You could do what the others already mentioned and everything might be fine.
BUT for my viewpoint...this is nothing but problems for you.
The daughter is going to have problems getting a job/keeping a job/paying her other bills/whatever and the mother can't pay for her forever.
For me, a tenant has to stand on their own feet (excluding college rentals.)
Brenda, I ran across a similar situation where the tenant recently moved into the area and had some minor problems with their credit. They also had their mother offer to co-sign. My attorney, apparently already familar with this situation, had a lease guarant agreement readily available that provided us a means to do this. According to him, this is nothing new and happens all the time. The agreeement is legal and binding, and provides you an alternative if you have no other issues or concerns.
As others mentioned, I still recommend running background checks on the tenant and the family member who is co-signing.
Good luck
thanks for replies.... the daughter is only 22 and has gotten licensed to be a dental assistant... she had a kid at age 21 so that slowed things up for her... so her future potential is good, and the mother who will cosign is more than willing and able to pay until the daghter gets on her feet? Plus she lives right down the road so tracking her down shouldnt be to tough...