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Updated 11 months ago on . Most recent reply
Terminate w/o cause. Financial incentive for the tenant to move out?
GM!
Have a one year lease with my tenant (which is their first year of tenancy) and want them to vacate as I've decided to sell my property. There is still 5 months to go but I want them to leave in spring (April) so I can put my place for sale.
Questions-
1) Willing to offer a financial incentive for them to leave. I'm thinking of $1500/ (property rented for $2800/). Is this too much or reasonable?
2) If they decide to take the offer and move out in April, does that override the 90 day notice needed (see below)?
Thanks for all the help!
Senate bill 608 for reference
If the specified ending date of the fixed term is within the first year of occupancy, landlord may terminate without
cause by giving the tenant 30 days’ notice prior to the specified ending date for the fixed term, or 30 days prior
to the date designated in the notice, whichever is later (90 days in Portland and Milwaukie).
Most Popular Reply
![Melissa Hartvigsen's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1662161/1726181837-avatar-melissah119.jpg?twic=v1/output=image/crop=240x240@0x0/cover=128x128&v=2)
For your 1st question: 1) Willing to offer a financial incentive for them to leave. I'm
thinking of $1500/ (property rented for $2800/). Is this too much or reasonable? Too little!
If you want to buy them out of their lease early, I strongly encourage you to engage an attorney. Also consider that the entire state has a relocation fee = 1 month rent, if the tenant has resided for more than 12 months and you have 5 or more properties (including your personal residence, and any property owned outside of Oregon as well). Even if you don't own that many properties, most tenants know this and would expect your offer to be at least their rent amount or more. I have seen "cash for keys" deals end up being above $10,000.
Otherwise, wait until it is closer to the lease ending date and issue the no cause since they have occupied less than 12 months. Bethany is in Washington county and follows the state
rules. Minimum of 30 day notice issued prior to lease end date (make sure to account for mailing time and add 4 days) If the current terms ends on 8.31.2024 for example, you would want to deliver the notice no later than July 29, 2024.
For your second question: 2) If they decide to take the offer and move out in April, does that override the 90 day notice needed (see below)? 90-day is not applicable in a cash for keys agreement. Both parties are choosing to accept terms other than what is specified by landlord/tenant law. You can mutually agree upon any move out period. In my experience I have seen that range from 30-60 days (could be more, could be less). It really depends on how quickly the tenant can secure a new home.
Best wishes,
Melissa