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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53667
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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We want to sign a lease with a friend as co-signer because

Customer Question

We want to sign a lease with a friend as co-signer because she does not have good credit. Is there a way that she can put the money for the year's lease in escrow, and pay rent from that account, but so that neither she nor we can reach it and all are secure?
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Richard replied 6 months ago.
Good evening. My name is ***** ***** I look forward to helping you. Yes, you can easily do this. All you need to do is open up a bank account titled as an escrow account, set up automatic payments to pay the rent, and require both signatures for any other withdrawals or checks. That will create a checks and balances system where one of you can't withdraw money or write checks without the signature of the other. This is a very common set up and you should have no issues getting it set up. Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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