Cash for Keys Tenant Agreement: A Win-Win Solution for Landlords and Tenants
As a landlord, it can be frustrating when tenants refuse to vacate even when they`re no longer paying rent or breaking tenancy agreements. Eviction can be time-consuming, costly and result in damaged property. In such situations, a cash for keys tenant agreement can be a solution. This article will discuss what a cash for keys tenant agreement is, its benefits, and how to draft one.
What is a Cash for Keys Tenant Agreement?
A cash for keys tenant agreement is a written agreement between the landlord and tenant, whereby the landlord offers a sum of money to the tenant to vacate the rental property. In exchange for the money, the tenant agrees to leave the property within a specified time frame, terminate the lease agreement, and return the keys to the landlord.
Benefits of Cash for Keys Tenant Agreement
1. Saves Time and Money
Evictions can be time-consuming and result in legal fees and unpaid rent. A cash for keys agreement can save you time and money by avoiding eviction proceedings.
2. Avoids Property Damage
Eviction can sometimes result in property damage, and the landlord bears the cost of repairs. A cash for keys agreement can prevent property damage by ensuring that the tenant leaves the property in a good condition.
3. Protects the Landlord`s Rental History
An eviction can negatively affect the landlord`s rental history and make it hard to find new tenants. A cash for keys agreement can prevent this from happening by avoiding the eviction process.
4. Provides Incentives for the Tenant
A cash for keys agreement provides incentives for the tenant to vacate the property voluntarily and avoid being evicted. The tenant receives a cash payment, which could be used to offset expenses associated with relocation.
How to Draft a Cash for Keys Tenant Agreement
1. Include Terms and Conditions
A cash for keys agreement should include the amount of money the landlord is offering, the date by which the tenant should vacate the property, and any conditions attached to the payment.
2. Signatures and Dates
The agreement should be signed by both parties and dated to indicate the date of the agreement`s effectiveness.
3. Address Return of Keys
The agreement should state the date by which the tenant is expected to return the keys to the landlord.
4. Provide for Unforeseen Circumstances
Include a clause stating what happens if the tenant fails to vacate the property within the agreed time or damages the property after vacating.
In conclusion, a cash for keys tenant agreement can be a win-win solution for landlords and tenants. It saves landlords time and money, avoids property damage, protects rental history, and provides incentives for tenants. If you`re a landlord facing eviction, consider a cash for keys agreement as an alternative. As a tenant, it may be a viable option if you`re facing eviction and want to avoid the legal consequences of a forcible eviction.