New Landlord: how to remove one of the tenants of the lease

[Sarah Nguyen]

I am new to the landlord business.  I just bought a property & inherited 3  tenants in one unit.  One roommate wants to move out & be off the lease.  The lease is valid until 31 Dec 17.  2 other roommates have no issue with the removal but they may find a new roommate.  Please let me know what I need to do or what forms I need to use in this case.  I am living in Oklahoma.  Thank you.  

[Roy N.]

@Sarah Nguyen

First, you need to make certain the two remaining tenants are capable of carrying the lease on their own.  If they are, you simple need to execute a Change of Lease / Amendment to the lease to remove the departing tenant (all parties will have to sign).  You will also need to ensure that the departing tenant's portion of any security deposit (or last month's rent) is transferred to the remaining tenants (this should be included in your Change of Lease or under a separate agreement).   Alternatively, you could agree with the tenants to dissolve the existing lease and replace it with a new lease between you and the two remaining tenants.

If the remaining two tenants are not able to meet the {fiscal} obligations of the lease on their own, then you need to insist they (all three of them) find a replacement and that you have the opportunity to vet (though your screening process) that replacement before you will release the departing tenant from the obligations of the lease.