The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Legal Docs for College Roomates||Date: 3/30/2012 8:48 PM|
|Author: TMFPMarti||Number: 115757 of 122084|
Sorry if this isn't the board...just don't see a lawyers board.
Here ya go:
By co-signing, each parent/student is responsible for the entire rent and any damages. Not to mention the utilities etc...
We feel the college students should sign an agreement as to what they are responsible for.
Not a lawyer, don't play one on TV, didn't stay at a Holiday Inn Express last night. But from my IRS knuckle-dragging collection thug days I do have more than a passing acquaintance with "joint and several" liability. Just a reminder that no matter what kind of agreement the roomies and parents memorialize (not saying that's a bad idea), the landlord can go after any co-signer for the full amount and will do so against the easiest to collect from.
"Yes, ma'am I see what your divorce decree says about the taxes, but we weren't a party to that agreement. I'm collecting the entire amount from you. You can certainly sue him to try to recover what the decree says he should pay."
Interior monologue: "Except the deadbeat is judgment-proof, so good luck collecting anything. In Kansas we'd call that suit dropping your bucket down a dry well."
Rule Your Retirement Home Fool
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|