Renting to Son

[beat goes on]

I live in NY> My son wants to live in our summer home. He4 will be working nearby. He neds to get himself out of financial troubles. I understand this fullyl. I am willing to let him live in the hosue fora nominal rent. Two questions How can I prot4ct myself legally if he does nto pay the rent? Can we sign a contract that would be binding? Also can I include in the contract I will nto be held responsible if someone gets hurt? I need to protct myself and my assetts.

 

[FarmerJ]

If your afraid he wont pay the rent perhaps you shouldnt let him stay there ! Other wise written lease with a date set for vacating the unit , OR making the lease month to month so if you must evict for any reason it will be easier to do so . The leasee also must be responsible for utilitys ( in other words get util out of your name ) WARNING : renting to relatives is hazardous to your mental & financial health . Also insist in writting your child getting renters insurance policy that will be in effect first day of occupancy and you must have a copy of the binder . Now why would you go to that much trouble because you love your child enough that you still must treat them like a non related tenant . If you dont you re read Warning: best luck to you .

 

[JETX]

FarmerJ is correct in most of his post, but not when it comes to liability insurance.

The 'renter insurance' only covers the renters contents in the unit and not the unit itself (or liability). You cannot transfer that liability directly. However, you could include a lease provision that the renter is responsible for reimbursing the owner in the event of any liability claims, but this would then require a separate lawsuit to recover your damages in the event of a claim.

Simply, the property owner is responsible for any injuries incurred on the property, so keep your own insurance current.

 

[beat goes on]

Thanks so mu7ch for your reply. I awm mainly concerned about parties and god forbid someone gets hurt. OUr homei s on the water. I recwall my brother being a t someones home when we were young. they ere drinking and one of the young men drowned. My son I know is responsible but I am nto sure about his friends. Thansk again for the input. The contents of the homeis th 4eleast of mpyh concern. Thank You Again.

 

[Jack Mevorach, Esq.]

Execute a lease agreement with your son. If the rent is not paid, commence a summary non-payment proceeding.

As a property owner, you cannot completely disclaim liability. However, you can insist that a tenant insure the premises. This would be included in the lease agreement.