If my roommate is late on her rent, is my credit s***w?

Question

I am thinking of getting a roommate and move out to a 2 bedroom apt to save some money, however, you would never really know who you will end up with so just wondering the following...

1. If we are both on the same lease and I pay my portion on time but she's late on her for some reason, for example if rent is due on the 1st and she's like I don't get pay until this Friday or whatever, does that mean it'll go against my record as well?

2. How can you protect yourself in this situation? Can you sign two separate lease for the same apartment? Is there such a thing?

Answer 1

You both WILL be on the same lease. No intelligent landlord accepted 50-50 rent agreement. The "jointly and severally" clause makes you 100% liable for ALL rent, fees, penalties and damages. It also makes your roommate 100% liable for ALL rent, fees, penalties and damages.

If there are any problems he sues both or the one that is easier to find.

Answer 2

Your credit won't get affected for the rent being late but you will get a late fee (and an annoyed landlord).  If you got your rent in on time they (the roommate) should pay the late fee but you will still be responsible for it if they don't.  Also, you would typically do one lease and both be responsible for all payments, so if you paid and they did not you would be named if your landlord took you both to court.  Your credit would be hurt by any judgement so yes you are on the hook for your roommate.

Still, the best way to avoid this is just to talk to your prospective roommate carefully and make sure they have god income and seem like a responsible person.  The same way a landlord screens you, you want to screen your roommate it'll just have to be done more informally.

Answer 3

I dont know where you are, but in Canada, I dont think landlords are eligible to report you to credit agencies, unless you mean your credit with the landlord. As for question 2, I lived in apts before, and never heard of that sort of thing. Hmmm, really I dont know, all the best and good luck with your roommate. Could be a big headache living with someone  under the same  roof.  

Answer 4

1. it'll only really start affecting your credit if she would not to pay her half for months. it doesn't just happen the first time it's late. it would probably take 3, 4, even 6 months before the management decides to start taking any sort of legal and/or credit action.

2. normally this is only one lease. i'm sure if you want to contact a lawyer who specializes in real estate/property management, you could create a legally binding document with the specifications that you want. such as protecting yourself in the situation that if a roommate isn't paying their share of the rent and/or bills that it is solely their responsibility and can not affect your credit. that is of course if you have documents proving such. so i'd suggest that when you, yourself, pay the rent, get a receipt.