Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 5 days ago on . Most recent reply

User Stats

14
Posts
2
Votes
Sharon Carson
  • Rental Property Investor
  • Thousand oaks, CA
2
Votes |
14
Posts

Cash for keys Protocol?

Sharon Carson
  • Rental Property Investor
  • Thousand oaks, CA
Posted

I have a troublesome tenant who most likely will not move out by his 45-day Lease termination notice.  He would be a "holdover" tenant, and I really don't want to do the eviction routine, as my property is currently listed for sale!  I just want him OUT.

If I offer him "Cash for Keys", is there any kind of LEGAL FORM , or contract that I should use to seal the deal ??  Binding?  Is there a protocol for this procedure?

I don't want him finding loopholes, and not move!

Thanks

Most Popular Reply

User Stats

18,376
Posts
15,798
Votes
Chris Seveney
  • Investor
  • Virginia
15,798
Votes |
18,376
Posts
Chris Seveney
  • Investor
  • Virginia
ModeratorReplied
Quote from @Sharon Carson:

I have a troublesome tenant who most likely will not move out by his 45-day Lease termination notice.  He would be a "holdover" tenant, and I really don't want to do the eviction routine, as my property is currently listed for sale!  I just want him OUT.

If I offer him "Cash for Keys", is there any kind of LEGAL FORM , or contract that I should use to seal the deal ??  Binding?  Is there a protocol for this procedure?

I don't want him finding loopholes, and not move!

Thanks


 I had an attorney draft our document, one thing we included is the money is not provided until after they have moved out and removed all personal property (after we inspect the property) - that way they cannot move out and leave it trashed. 

  • Chris Seveney
business profile image
7e investments
5.0 stars
16 Reviews

Loading replies...