Deposit Stays Until Property is Vacantadmin
Deposit Stays Until Property is Vacant
“My 15 year resident is moving out and is asking for his $500 deposit. His cousin moved in 2 years ago and is on the lease. They are staying but can’t afford to pay a $500 deposit. Not sure how to respond? Thanks!”
Several landlords responded with pretty much the same answer:
“The deposit always stays with the rental (until property is vacant). For the person moving to get their deposit, he needs to be reimbursed by the person who is staying. It is up to his cousin to pay him. If he can’t come up with the money to pay his cousin, how can he come up with rent?”
I have an “Addendum to the Lease”: If more than one person is on the Lease and one wants to leave, they both need to sign the addendum, stating that it is agreed, by both parties. It also states the deposit stays with the rental. It states the person staying is now liable to pay all rent due from that day forward, if it is current. It states that all other terms of the Lease stay as is. You may add to the Addendum what you feel is needed and what is important. A property manager should sign as well.