A cash for keys agreement is a legal contract between a landlord and a tenant where the landlord offers a sum of money in exchange for the tenant vacating the rental property. The agreement is a way for landlords to avoid the time-consuming and expensive eviction process while also avoiding damage to the rental property. This article will provide an overview of a sample cash for keys agreement and its key elements.
1. Parties Involved
The agreement should begin by clearly stating the names and addresses of both the landlord and tenant. This section should also indicate the date the agreement was signed.
The payment section outlines the amount of money that the landlord will pay the tenant in exchange for them vacating the rental property. This amount can be negotiable, but it should be clearly stated in the agreement, along with how and when the payment will be made.
3. Move-Out Date
The agreement should clearly indicate the date by which the tenant must vacate the rental property. This move-out date should be agreed upon by both parties and should be set before any payment is made.
4. Property Condition
The landlord may include language in the agreement that states the tenant must leave the property in a certain condition. For example, the tenant may be required to remove all their personal belongings, clean the unit, and leave the property in good condition. Failure to do so may result in the landlord withholding some or all of the payment.
5. Release of Liability
The agreement should include a clause that releases both parties from any legal claims arising from the rental agreement or the cash for keys agreement. This clause ensures that both parties are protected from future legal disputes.
6. Other Considerations
The agreement may also include additional clauses such as confidentiality and non-disparagement agreements. These clauses may be included to prevent either party from disclosing the terms of the agreement or speaking negatively about the other party.
In conclusion, a cash for keys agreement is a common solution for landlords and tenants who want to avoid an eviction process. This sample agreement should help landlords and tenants understand the key elements that should be included in the agreement. It is important to remember that this agreement is a legal contract and should be reviewed by legal counsel before it is signed.