There is information you need to know when at least one resident wants to vacate and at least one resident wants to stay and/or add a new resident to replace the vacating tenant. Read below:
All residents on the lease have to agree to the change because paperwork will be required to be signed by all residents. A resident that is requesting to be removed from a lease cannot do so without the other residents on the lease signing the form to do so.
Residents that are staying will have to submit up-to-date financial information to determine qualification without the vacating resident. (It is possible the remaining residents will have to fill out new applications for qualification). If the remaining residents are not adding an additional resident, qualification will be determined through the updated information they have provided.
If applicable, a prospective new resident will need to complete an application and pay the application fee. Here is the application: https://app.propertyware.com/pw/portals/nestwell/tenantApplication.action
You need to notify our team who is applying and which property they are applying for. Email this info to email@example.com
The applications processing team will work with the applicant to make sure they have all the required information and then complete processing it.
Once approved, we will need to complete new rental paperwork that will add the new resident to the lease and remove the vacating resident's name. These documents are sent out through DocuSign and can be reviewed and signed electronically by each resident. There is a $100 fee charged when there is a change of resident for the paperwork and processing that has to be done. That will be charged to the tenant ledger, so you will need to work out that payment.
Important: There is no security deposit refund unless all of the residents on a lease vacate together. The full deposit stays with the rental agreement contract. It is up to the current residents, vacating residents, and the new resident as to how they will handle that. When the end of the rental agreement does come, any security deposit refund is done in a check payable to all of the current residents that are still named on the lease. Vacating Resident that is removed from the lease will no longer be eligible for any security deposit refund.
The new and incoming resident is agreeing to take on equal responsibility for the condition of the home as established at the time the original rental agreement was signed with the residents. The current tenants also understand they are removing any responsibility from the vacating resident as they will no longer be on any of the leasing paperwork.
Please let us know if you have any other questions.