CLICK HERE TO ADD A NEW TENANT TO YOUR LEASE

 

 

Read below before clicking the above link.

        Adding a Tenant to the Lease

 

When a new tenant is added to an existing lease they are now legally responsible for the terms of the lease along with the current tenants. Please be aware that security deposit refunds are dispersed in equal amounts to all tenants named on the lease.

What the Current Tenant Must Do:

1. Make sure that you have a copy of the “Move-In Inspection Form” that you and/or your roommates completed within 10 days of taking possession of the unit. This form lists any existing damage to the property. This will help you and the new tenant determine a fair transfer of the security deposit.

2. Ensure you have a copy of the Residential Rental Contract to provide to the tenant replacing you.

3. Notify the new tenant that he/she  MUST submit an application to our office in order to move into the rental property. There are no exceptions, and you can’t do this for him/her. The new tenant must apply and must be approved before moving into the rental property. Online applications are available.

4. The new tenant and all current tenant(s) must sign on page 2 of this form. The new tenant is to pay their portion of the security deposit directly to the current tenant(s). When you move out the security deposit will be returned in equal parts to all residents named on the lease directly from our office. There are no exceptions to this policy.

5. Submit the completed and signed form to our office and pay a $0.00 processing fee (check or money order only) to John Franks. No paperwork will be processed until this fee is paid. No cash accepted.

What the New Tenant Must Do:

1. You MUST fill out a rental application for the property. You must also pay the $0.00 application fee.

2. You and all current tenant(s) must sign on page 2 of this form.

3. Make sure you receive a copy of the existing “Move-In Inspection” form for the property from the current tenant(s). This form was filled out by the current tenant(s) when they moved in, and it listed any damage to the unit noted at that time. This will help you and the tenant you are replacing if so, to determine a fair transfer of the security deposit.

4. The new tenant and all current tenant(s) must sign on page 2 of this form. You are to pay your portion of the security deposit directly to the current tenant(s). When you move out the security deposit will be returned in equal parts to all residents named on the lease directly from our office. There are no exceptions to this policy.

5. Ensure the processing fee and application fee have been paid and all forms submitted to our office.

6. Once your application is approved you must make an appointment to visit our office in order to review the lease and your responsibilities as a tenant, and your rights and obligations.

This appointment is in your best interests and is for your protection!

947 Mansion Circle
Barberton Ohio 44203
Office: (330) 612-8800
Fax: (330) 745-5646
johnwfranks.com
Email: johnwfranks@aol.com

 

 

 

Understanding Security Deposit Transfers

When the current tenant(s) moved into the rental property, they paid a security deposit directly to John Franks. That
security deposit is for the entire property, not specific bedrooms within the property. Therefore, it is our responsibility to hold one complete deposit for one whole property. The Ohio Real-estate Commission requires this.
When a tenant is added to an existing lease before the lease period expires, the new tenant may also pay a security deposit. However, they pay it directly to the current tenant(s), allowing us to keep the original security deposit intact. When the lease period is up and all tenants move out of the unit, everyone, including the new tenant, will be refunded their portion of the security deposit; Remember the security deposit will be dispersed in equal parts to all tenant(s). This will come from our office, and will be returned to you within 30 days of receipt of your keys to the property, or the end date of your lease, whichever is later.
Because the new tenant pays a security deposit to the current tenant(s), the new tenant must make absolutely certain that any existing damage to the unit has already been noted before moving into the property. Otherwise, the new tenant could end up paying for damages caused by the current tenant(s). Remember, signing the Adding a Tenant form makes you responsible for the terms of the lease. Ask questions if you’re in doubt about any part of this process!

Current Tenant(s): My signature on this form indicates that I have read this and understand my
responsibilities. I also acknowledge that I have been given the opportunity to ask questions and to discuss this process.

____________________________________________________________________________________
Current Tenant(s) Signature and Date Add a Tenant Effective Date
(must match below)

____________________________________________________________________________________________
Current Tenant(s) Signature and Date

____________________________________________________________________________________________
Current Tenant(s) Signature and Date

____________________________________________________________________________________________
Current Tenant(s) Signature and Date


New Tenant(s): My signature on this form indicates that I have read and understand my responsibilities as described herein. I/(We) have read the Residential Rental Contract and all addendums in effect and agree to the terms and conditions contained therein. I/(We) also acknowledge that I have been given the opportunity to ask questions and to discuss this process.


____________________________________________________________________________________________
New Tenant(s) Signature and Date Add a Tenant Effective Date
(must match above)

____________________________________________________________________________________________
New Tenant(s) Signature and Date

____________________________________________________________________________________________
New Tenant(s) Signature and Date

____________________________________________________________________________________________
New Tenant(s) Signature and Date

Received By: __________________________________________________________Date:_____________________