When a landlord wants to encourage a tenant to move out soon, they may offer to let them out of the lease. They can also offer a cash for keys agreement form to give the tenant even more incentive to leave soon and keep the property in good shape.
What is a Cash for Keys Agreement Form?
Sometimes a tenant just isn’t working out and landlords want them gone as soon as possible. Eviction is always an option but it can take a long time to get finalized. The landlord also risks an angry tenant doing damage to the property in the meantime. One alternative is a cash for keys agreement. This is a form that exchanges money for quickly vacating the property and leaving it in good condition.
Many landlords find success with the cash for keys agreement form because tenants are generally interested in the possibility of getting some or all of their deposit back. With an eviction, they wouldn’t get any money back. Cash for keys is like the carrot and the eviction process is like the stick for getting tenants to vacate a rental unit.
What Should a Cash for Keys Agreement Form Include?
A cash for keys agreement should always be in writing. It needs to include the amount of money tenants will receive and how that payment will be made. It should also include the deadline for turning over keys. The agreement should state that the landlord and tenant will both go through the property on moving day to assess any damages.
If there is no damage to the rental property, both parties sign the agreement and exchange cash for keys. Finally, the agreement should also say that if the tenant doesn’t want to participate, the eviction process will go forward as planned.
RentPrep’s Take On a Cash for Keys Agreement Form
RentPrep supports the cash for keys option when it has been thoroughly checked out by an attorney. A cash for keys agreement form is available for free on the Rentprep website. Just click here for RentPrep’s free cash for keys agreement form.
However, every state has different laws regarding landlord/tenant relations so its a good idea to have an attorney review the document and make adjustments so that it is compliant with that state’s law.
What Are Other Landlords Saying About a Cash for Keys Agreement Form
Every landlord encounters a tenant that they wish would just leave. With a cash for keys agreement form, they can make it easier for tenants to just leave and landlords to preserve their property without much damage.
Here’s a screenshot of landlords discussing this question in our private Facebook group for Landlords.
You can see even more comments on that post by checking it out in the group.