Landlord Question and Answer Forum

I'm wondering if I could get some feedback on this. I have a situation with a potential renter I havent encountered before. The potential tenant has good credit but doesn't meet the income requirements. She has addtional income she is reporting via child support but even that is questionable in its reliability based on the documentation she has provided. She does however have good rental references. Her mother has offered to co-sign. The mother has excellent credit and has multiple investment accounts in addtion to owning her home out right etc.. She also has social security. She is 81 years old. I want to operate within the bounds of the law, and do not want to discrimate based on age, but what happens if she dies during the course of the lease? Any prior experience on this?

This is an interesting situation and though I am a landlord ad not a lawyer you may want to draw up a clause that says that all responsibilities, should the co-signer pass fall solely to the tenant and any monies owed because of default they are fully responsible for. A lawyer may be able to work the wording to start upon death or what ever fits the need. From experience none of my renters that had co-signers defaulted ever, knock on wood!

Posted by Richard W, PA on Sunday, August 16, 2015