What is a Roommate Release Agreement?
A Roommate Release Agreement is an agreement between a departing roommate and the remaining roommate(s), in which the remaining roommate(s) agree to take over the departing roommate's responsibilities and liabilities for a property. Under this agreement, the departing roommate will no longer be held responsible for financial payments and/or be held liable for any damage to the property. The remaining roommate(s) will therefore be responsible for the property.
If the roommates are currently under a lease, the agreement will most likely require the approval and signature of the landlord. Typically the landlord will need to approve the agreement in order to make sure the subtenant or remaining tenants are financially capable of paying the full rent. In any case, make sure to check your lease or rental agreement for any specific instruction on how to properly handle the situation.
When to use a Roommate Release Agreement:
- You're a roomate and are moving out but the rest of your roommates are not.
- You're a roommate and one of your roommates is moving out and you have agreed to remove them from any liability for the remainder of the lease.