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Updated about 9 years ago on . Most recent reply

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99
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John Suralik
  • Investor
  • Morehead City, NC
32
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99
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How to Change a Lease Mid-term

John Suralik
  • Investor
  • Morehead City, NC
Posted

Two months into a lease, the couple renting the home is separated and have starting the process to get a divorce. One of the tenants want me to reissue a lease without the other person. Both individuals have good paying jobs and have been dependable dependable and clean tenants. What is your experience with changing a lease? What do laws do I need to be mindful of? 

Most Popular Reply

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Roy N.
  • Rental Property Investor
  • Fredericton, New Brunswick
4,300
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7,658
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Roy N.
  • Rental Property Investor
  • Fredericton, New Brunswick
ModeratorReplied

@John Suralik

You would need to execute an Amendment to the Lease which removed one of the original signatories.  Both parties would have to sign the amendment.

Before you do this, ensure that the remaining tenant is capable of carrying the lease on their own.  

When it comes to security deposits, we do not refund any portion to the departing tenant and have them transfer any claim they may have to the deposit to the remaining tenant (here there is a specific government form for this very action).as part of the amendment.

  • Roy N.
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