Submitted by PlanetTuiTeka t3_zm4a6s in personalfinance
We are financially well off and live in another state, and while we would like to help his sister move into her own place (with her two sons), I want to do my due diligence and figure out all of the possible risks that would go into him signing this year long lease. Aside from being responsible for all of the rent and any late payments, are there others larger liabilities to consider…? For example if a friend of her son’s is somehow injured in the property could the family sue us for medical bills?
We have our own large umbrella insurance policy for our own family, would this come into play? Weighing the pros and cons and would love to hear anyone’s advice. I did cross post the question to the legal advice sub as well. Thanks!
**** Edit to add that I have fully convinced my husband to not co sign any sort of lease… too much risk. We are still deciding on how/whether to help, and I appreciate everyone’s responses and questions because they brought up some interesting points that I don’t have immediate answers too (like why can’t she prove her monthly income with bank account records, etc). The saga continues, but we will stay off record/off paperwork. Thanks again!!