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S2 and 4 of his fraternity brothers have found a 5 bedroom house in California that they want to lease. We are fine with the house, but the realtor has said that parents have to co-sign on the lease. I've read some other threads about this, so I know that we need to try to negotiate it such that we won't have to do that, and we'll work on that. In case we can't get out of cosigning, here's the thing..... It's a large house, the monthly rent is $3,000 and the security deposit is $4,000 (!). We understand that we'd be responsible for making up the rent of any of the roommates who dropped out of school or whatever, but that isn't our biggest concern. Our biggest concern is liability.
This house is furnished. At first I thought that was great. Then I thought about 5 frat guys living in this house (and it so happens that their fraternity does not have a frat house). You know exactly what will happen there. This will become the defacto frat house. Those kids could easily do more than $4,000 damage to that house and to the furnishings. Even if our son is a perfect angel, he won't be able to control the other 4 roommates and all of their guests. What if they totally trash this place? Are we liable for that? Can we be sued?