Let’s face it — the economy isn’t exactly friendly to new grads these days. If they manage to escape college without tens of thousands of dollars in student loans to pay off, it’s unlikely they’ve been able to save much money. Because of this, many parents are buying homes and leasing them to their children — often without a contract.
Leasing Without a Contract Is Dangerous Ground
No matter how good a relationship you have with your children, it’s dangerous to proceed into any venture that involves as much money as a home without a contract. Blood may be thicker than water, but money is the root of all evil.
A Contract Benefits Everyone
If it seems scary or untrusting to use a contract, think of it more as an outline of expectations for all parties involved. A rental agreement lets your child know in clear terms what is expected of them — from the payment plan to the upkeep of the property. And on the flipside, it also makes promises to your child regarding what YOU will be responsible for.
Setting Expectations Prevents Severance of Family Ties
When things go south, there’s nothing worse than parents having to approach an attorney to have their children evicted. But it happens. If you do find yourself in this situation, it’s important to remain firm. Don’t dismiss the lawsuit if your tenants promise to move out by a certain date. Your goal is to regain possession and hopefully lost rent money at a later date if possible. When things get bad enough that you’re filing suit, it’s best to let your attorney handle all communication regarding the property.
Hire a Landlord Tenant Attorney
If you’re looking to give your children the gift of a home, make sure you take all the steps needed to ensure it doesn’t turn into a nightmare. Our landlord tenant attorneys at Dan Miller Law can ensure both the process and the terms that follow are pleasant and reasonable for everyone involved. Give us a call at 816-875-0470, or use our web submission form to request more information.