Not to be confused with "cash for keys," we can effectuate a legal, ethically negotiated, and enforceable tenant buyout agreement.
More than “cash for keys,” tenant buyout agreements allow the landlord to create a vacancy with no legal residue.
In a tenant buyout agreement, the tenant agrees to voluntarily vacate the rental unit in exchange for monetary compensation or any number of incentives. It could be as simple as a rent waiver or the return of the security deposit.
Yet these contracts are more than just handing over the keys for cash. With a properly negotiated agreement, the tenant releases all claims that arise from the tenancy.
In some locales with stringent eviction moratoriums, a tenant buyout agreement may be the only option for rental property owners to transition a tenant out of the unit.
Despite insane rules that prohibit evictions, there is no government edict that prevents two private parties from entering into a meeting of the minds. This is why we love buyout agreements.
Despite their appeal, tenant buyout agreements come with many disclosure requirements and the tenant has the right to have a change of heart and rescind the deal. Before starting a conversation with renters about transitioning them out, get in touch with a team that is familiar with the regulations and how to best approach these negotiations.
At MT Evictions, we think smartly and strategically about your real estate investment and are sticklers for proper notices and disclosures, making us the perfect partner to work with you in ushering the tenant out on their own free will.
Don't go it alone. Create a vacancy and remove legal residue by consulting with the allies of landlords.