Lease Contracts - The Meaning of Joint and Several

When you see the phrase "joint and several" in a legal document or contract it means that that the parties on one side of the agreement are responsible individually and collectively for the terms of the agreement.

Example: In the case of two tenants signing a lease agreement, "joint" means they are jointly responsible for the rent.

"Several" means that their joint relationship is severed.

In a contract it indicates that they have agreed that they are also responsible individually for the rent. If one does not pay his/her share of the rent the other is responsible for the entire amount.

Here's an example of a landlord who had a "joint and several" lease with the added provision that tenants must pay rent with a check, money order or cashier's check in the full amount every month.

Landlord allowed the two roommates to pay half the rent each month with two separate checks. Bad policy.

It not only creates accounting problems... but if one tenant pays on time and the other is late how do you handle the late penalty? And...

If you accept payment from one tenant and the other tenant fails to pay have you risked having accepted a partial rent payment and then not be able to evict?

Here's the good news. If you have in your lease a "non-waiver" provision it indicates that even if you allowed lease violations in the past you can at any time demand that tenants comply with the terms of the lease.

If the tenants continue to pay with two separate checks you can return the checks and give "notice for failure to pay rent".

If they then fail to provide you with a single check for the full amount of the rent you can file a forcible detainer action (eviction).

What if tenant #1 pleads that tenant #2 has moved from the property and tenant #1 should only be required to pay their own half of the rent?

Show them "joint and several" in your lease agreement and explain that tenant #1 is now responsible for the entire amount of rent.

Explain that tenant #1 can seek recovery of the other half from tenant #2 in small claims court.

If you rent property to more than one tenant be sure your lease has "joint and several" and "non-waiver" clauses.

Carefully explain each to every new tenant.

About The Author

Mark Walters is a real estate investor and author. His published works can be found at his web site: http://www.CashFlowInstitute.com

---

Google News Updated : Sun, 20 Jul 2008 18:47:06 GMT Give Hamm a hand, he's going to Beijing - The Associated Press Los Angeles Times Give Hamm a hand, he's going to Beijing The Associated Press - 9 hours ago COLORADO SPRINGS, Colo. (AP) - Give Paul Hamm a hand. And a plane ticket to Beijing. The Olympic champion will get to defend his title in China thanks to a performance Saturday that ended any doubt about whether his broken right hand has healed. Paul Hamm remains part of US men's gymnastics team Los Angeles Times Hand Healed, Gymnast Hamm Headed to China Washington Post New York Times - Denver Post all 500 news articles Publ.Date : Sun, 20 Jul 2008 08:50:45 GMT Batman’s ‘Dark Night’ Sets Weekend Record - New York Times Batman’s ‘Dark Night’ Sets Weekend Record New York Times - 1 hour ago By MICHAEL CIEPLY LOS ANGELES - Fevered fans pushed “The Dark Knight,” the sixth in Warner Brothers’ series of “Batman” movies, to record three-day ticket sales of $155.3 million over the weekend, shoring up what so far had been a wobbly year at the ... Batman beats up Spider-Man at box office Reuters 'Dark Knight' topples Spidey for biggest film opening USA Today The Associated Press - E! Online - BBC News - MarketWatch all 1,072 news articles Publ.Date : Sun, 20 Jul 2008 17:27:06 GMT The Search For Elusive Holy Grail Of HIV Vaccine .....Continues - RTT News Ontario Now The Search For Elusive Holy Grail Of HIV Vaccine .....Continues RTT News - 3 hours ago (RTTNews) - The quarter-century-long quest for the Holy Grail of HIV vaccine has suffered yet another major setback. The National Institute of Allergy and Infectious Diseases or NIAID , a part of the National Institutes of Health or NIH on Thursday ... Plans for Human Trial of HIV Vaccine Canceled New York Times US Scraps Plan to Test AIDS Vaccine Wall Street Journal San Francisco Chronicle - TIME - International Herald Tribune - RedOrbit all 248 news articles Publ.Date : Sun, 20 Jul 2008 15:20:03 GMT NYC chain restaurants posting calories on menus - Reuters Canada.com NYC chain restaurants posting calories on menus Reuters - 12 hours ago By Edith Honan NEW YORK (Reuters) - A new rule requiring New York chain restaurants to post calorie information on their menus took effect on Friday, marking a first for a US city. Video: NYC Restaurant Chains Post Calorie Info AssociatedPress Restaurants That Lack Calorie Counts Now Face Fines New York Times eFluxMedia - The Associated Press - WZZM - RedOrbit all 457 news articles Publ.Date : Sun, 20 Jul 2008 06:18:27 GMT Harrington wins 2nd straight British Open - The Associated Press Harrington wins 2nd straight British Open The Associated Press - 55 minutes ago SOUTHPORT, England (AP) - Padraig Harrington has won his second straight British Open, overtaking 53-year-old Greg Norman and fending off Ian Poulter. Video: Greg Norman Leads British Open After 3 Rounds AssociatedPress Harrington wins British Open, Norman ties for third MLive.com Bloomberg - The Canadian Press - Contra Costa Times - Sports Network all 3,987 news articles Publ.Date : Sun, 20 Jul 2008 17:51:07 GMT Salmon and steelhead are threatened by California's water system ... - Los Angeles Times eFluxMedia Salmon and steelhead are threatened by California's water system ... Los Angeles Times - 13 hours ago Check out Times staff writer Eric Bailey's story today on another late-Friday decision by a federal judge. US District Judge Oliver W. Wanger of Fresno said in a 118-page opinion that the "Central Valley's winter- and spring-run salmon, as well as the ... Judge Acknowledges Threat to California's Salmon and Steelhead eFluxMedia Salmon threatened with extinction, judge says San Jose Mercury News United Press International - San Francisco Chronicle - The Associated Press - Belleville News Democrat all 161 news articles Publ.Date : Sun, 20 Jul 2008 05:30:35 GMT As 'Mamma Mia' movie opens, fans cross age groups - New York Daily News Washington Post As 'Mamma Mia' movie opens, fans cross age groups New York Daily News - 10 hours ago BY GINA SALAMONE 'The only reason I go into the Guy and Gallard right by my office is because they play ABBA all the time,' says Justyna Zajac, 25. 'Mamma Mia!': Gotta Love It, Like It or Not Washington Post 'Mamma Mia' Los Angeles Times CBS News - San Francisco Chronicle - MTV.com - Allentown Morning Call all 579 news articles Publ.Date : Sun, 20 Jul 2008 08:13:43 GMT Clickbank Data Feeds Make Money Online

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

True Tenant Tales, Volume One

Working with tenants can be an amazing experience. (Owners and... Read More

What to Consider Before Leasing a Car

Some people choose to lease a car rather than buying... Read More

Smart Car Leasing for Beginners

Car leasing is extremely popular because it provides an attractive... Read More

Dodging Leasings Grim Reaper: Navigating a Payment Default

In her third Harry Potter novel, ?The Prisoner of Azkaban?,... Read More

Terms to Know Before Leasing A Vehicle - Leasing Jargon Simplified

So, you've decided that you want to lease that next... Read More

Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions

The rise of venture leasing and lending has created an... Read More

Getting Your Venture Lease Approved

Each year venture capitalists fund more than 2,500 start-up companies... Read More

Basic Things You Should Know About A Lease Purchase Contract

What exactly is a contract?By definition, a contract is an... Read More

The Leverage of the Lease

In today's rapidly changing business environment it makes sense to... Read More

Lease Contracts - The Meaning of Joint and Several

When you see the phrase "joint and several" in a... Read More

Pricing Your Apartments

How do you fix a price point for an apartment?... Read More

Ten Ways to Save a Bundle on Your Next Lease

According to the Equipment Leasing Association ("ELA"), U.S. businesses lease... Read More

Increase Your Business Growth and Cash Flow Through Equipment Leasing

"If it can be manufactured, it can be leased." For... Read More

How To Choose An Equipment Leasing Company

Leasing has become a preferred form of equipment financing, accounting... Read More

Lease or Buy? That is Always the Question with Car Financing

Leasing is a perfectly viable and legitimate way to finance... Read More

Landlord Tips And Tricks

Every real estate investor dealing in rental homes has done... Read More

Explore An Effective Revolutionary Approach To Traditional Business Financing

For business owners who need working capital now there is... Read More

Equipment Leasing Blunders That Can Cost Your Firm a Mint

Rod McHenry, the financial vice president of a document imaging... Read More

Warning - This Lease Might Explode Any Minute

Mike Caringi, owner of a small New Jersey business that... Read More

Venture Leasing - A Smarter Way To Build Enterprise Value

In 2003, venture capitalists and investors dispensed over $18 billion... Read More

Interim Rent: Equipment Leasing?s Trap Door

Many lessees enter into lease transactions that they believe are... Read More

So You Want to be a Landlord?

The residual income from owning rental properties may bring more... Read More

With a Lease, The Devil Is In The Details

In the last article we looked at a few of... Read More

Using Equipment Leasing as a Competitive Weapon

Most great generals know how to design winning battle plans.... Read More

What Happens When the Anchor Tenant Moves and You Are On a Ten-year Lease?

Recently there was an article in the Houston Business Journal... Read More