Add/Exchange of Resident

Fee: Reference your fees addendum or contact our office.
Timeline: 3-4 business days after receipt of completed application and verification forms
Forms:   

In the event that existing residents on a multi-person lease needs to move before the end of their lease, we understand. An “Exchange of Resident” is available to you. To pursue this option:

  1. Notify Longford of your intention to add/exchange a resident to your lease.
  2. Identify replacement resident(s) and have them complete one application per resident. Follow instructions for “General Application”.
  3. Fill out the Landlord Verification Form.
  4. Longford will provide all residents status of the application(s) once all documentation is received.
  5. Replacement resident must meet Longford screening criteria and receive Owner approval through our normal application procedures.
  6. Everyone listed on the lease, including all roommates, the original resident leaving, any co-signers, and new applicant(s), will need to sign an addendum officially exchanging the residents on the lease. If the new applicant(s) are approved, this will be distributed by eSignature.
  7. A $400 “Exchange of Resident” fee will need to be paid before keys are exchanged.
  8. Longford will not provide any turnover cleaning, painting or repair services. Residents added to the Lease assume the property in “As Is” condition.
  9. This option is only applicable if less than half of the residents on a current lease are requesting to move out early, e.g., 2 out of 5 roommates. Should half or more wish to move out early, please reference “How to End a Lease Early.”

Please note: Any deposit (security deposit or otherwise) for the existing residents will not be exchanged through Longford and should be exchanged between the new and departing residents.  Once the current lease expires, residents have the chance to renew under a newly established lease.

in Residents & Commercial Tenants