If a partnership owns rental property, do all partners need to sign the lease?
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If a partnership owns rental property, do all partners need to sign the lease?
My sister, brother and myself became owners of my parents home after their passing. We now are the legal owners and are about to rent the house. With my brother and sister living out of state and I live within blocks I am handling the tenant issue. Does the rental agreement require all 3 of the owners signatures or can I sign on behalf of all the owners?
Asked on October 4, 2010 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This is not a question of the lease, but rather a question of how you've set matters up among the three of you for managment. If you and they want you to be able to sign on behalf of all owners, they should simply execute documents authorizing you to do so. These documents can include any limitations or restrictions the three of you desire (e.g. they have to be able to review a draft first; or certain minimum rents or excluded uses of the property, etc.) As long as the other owners authorize you to make decisions and/or sign on their behalf, there won't be any problem. Without that authoriztion, if you sign on their behalf and they later disagree with your actions, litigation could ensue, so head that possibility off by getting approval in advance. Good luck.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This is not a question of the lease, but rather a question of how you've set matters up among the three of you for managment. If you and they want you to be able to sign on behalf of all owners, they should simply execute documents authorizing you to do so. These documents can include any limitations or restrictions the three of you desire (e.g. they have to be able to review a draft first; or certain minimum rents or excluded uses of the property, etc.) As long as the other owners authorize you to make decisions and/or sign on their behalf, there won't be any problem. Without that authoriztion, if you sign on their behalf and they later disagree with your actions, litigation could ensue, so head that possibility off by getting approval in advance. Good luck.
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