Our property management contracts calls for the return of security deposit at the conclusion of the lease term. The contract states the refund check should be payable jointly to residents on the lease. How do I properly fill out the check to address the payable jointly requirement? If there is a co-signer for the lease residents, do I need to include that person's name in the jointly payable check?
If it is the purpose of the contract provision that each payee must endorse the refund check, you should make the check payable to "Payee A AND Payee B AND Payee C." You can do your company a big favor, however, and include an instruction sheet that reminds the payees that all must endorse the check. Our best answer to your second question is to have an attorney review the contract and any other paperwork signed by a co-signer to determine whether you need to include him or her as a payee on the refund check.
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If it is the purpose of the contract provision that each payee must 