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Updated over 3 years ago on . Most recent reply

User Stats

15
Posts
9
Votes
Brandon Palmer
  • Rental Property Investor
  • Madison WI
9
Votes |
15
Posts

Couple on a shared lease splitting up / moving to a single lease?

Brandon Palmer
  • Rental Property Investor
  • Madison WI
Posted

Hi folks. I have an SFR on a 1year lease which was executed by an unmarried couple (both folks are on the lease and either could have carried the lease by them self).

One party is moving out and the other person is willing to accept the assumption of the lease for the remainder of the term.

Any ideas how best to execute the lease transition? I can have the remaining person execute a new lease for the remainder of the term but how best to early-end the current dual-signed lease?

The security deposit came from the remaining person so that should be fine.

Thoughts?

Thanks all.

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