How To Use
This Residency Sharing Agreement should be used in all roommate and shared residency situations.
It is a well care document that stipulates who should do what; who owns what; who must pay for what; and so on and so on. If younger people are involved, you are advised to get “nearest relative” information and, if you deem advisable, get back up payment guarantees from them, especially in college sharing situations. You can take a number of preventative measures to limit your liabilities in this day and age. Your landline phone, for example, can just have local unlimited service with no long distance provider. This can eliminate disputes about who called Paris!
Cell phones can handle long distance, or the party can use prepaid phone cards. Use technology to offload shared liabilities and you will benefit enormously. Another approach is to prepay a fund for general utilities so you don’t have to scramble at month end. And, finally, it is always the solvent party who gets leaned on to “come up” with the money on short notice. So, if you are that party, this agreement is for you.
Longer term shared relationships and residencies can benefit from the same document that can be amended over time. As with a Will, don’t put additional pressure on yourself by trying to make it “forever”. One year in this kind of relationship is sufficient. If the relationship continues, then you can extend it and the shared trust will only make it that much more effective.