If you are trying to terminate a commercial lease where the terms can be complex and the amount in dispute can be significant, it is strongly advised that you contact a commercial real estate attorney t o consider all of your options. Scott Talkov is a real estate lawyer , business litigator and bankruptcy lawyer in California.
He founded Talkov Law Corp. Scott has been named a Super Lawyers Rising Star every year since He can be reached about new matters at info talkovlaw.
He can also be contacted directly at scott talkovlaw. First Name required. Last Name required. Your E-mail required. Submission of this form does not create an attorney client relationship. Lenders don't automatically offer "cash for keys," and they are under no obligation to do so.
The occupants of the home will often have to contact the lender to request the moving money. Landlords may also offer "cash for keys" arrangements to tenants who are being asked to vacate. This is legal in all 50 states. If the lender makes a "cash for keys" offer, it's typically a few thousand dollars—enough to cover at least some of the reasonable expenses involved with moving out, such as the security deposit at a new location and the cost of hiring a moving company.
The amount may depend on how fast the occupants move out. And some lenders may insist that the move happens quickly and so will offer cash only for a speedy exit. The lender will also consider the value of the home and the amount it could reasonably expect to get from selling it. Lenders are sometimes willing to pay this money to avoid the lengthy and costly court proceedings that are often required to evict the occupants of a home.
They also don't want to have to repair any damage to the home caused by people who are angry at the foreclosure. The money will be given only after a final inspection of the property is completed and the keys are handed off to a representative of the lender. Keep in mind that in most cases, when homeowners sign a "cash for keys" agreement, they're acknowledging the lender is now the rightful owner of the home. The homeowners may no longer be able to defend themselves in the foreclosure lawsuit the lender has filed against them and are consenting to judgment.
Before signing, homeowners should make sure the agreement frees them from paying back the balance they still owe on the home. Not every cash for keys scenario works out so cleanly. Many landlords find themselves in a pickle when they make easily avoided mistakes…. These are 5 common mistakes that get landlords in hot water when attempting to remove tenants from the property.
It is illegal to physically or verbally threaten tenants, yell at them, stalk them at work or harass other family members. No matter how frustrated you are, always remain professional. A looming eviction can be a very emotionally charged situation for the landlord and tenant. Try and remove the emotion as much as possible and clearly communicate the situation. Sometimes tenants will attempt to talk you up in the amount and if you keep agreeing, they may feel like you will negotiate even more.
You can take the approach of starting low and working your way up to the actual amount you want to pay, so tenants feel as if they are getting a great deal. Or you can start high, hoping the amount will impress them, and stand firm. That way, you have an official record of the transaction. If you have negotiated to pay in cash, then make sure you both sign something that marks the transaction.
Provide the tenant with a receipt and make a copy of it for your records as well. You still have to process the deposit as you normally would, which is to do a formal move-out inspection and deduct for back rent, damages, and unpaid utilities. Most states require that you send tenants a written, itemized list of all deductions and any remaining amount.
Forgetting this important step, even if the deposit is completely withheld for the above reasons could lead to legal action from the former tenant. A cash for keys agreement form sometimes called a cash for keys letter should always be in writing. It needs to include the amount of money that tenants will receive and how that payment will be made.
Security Deposits. Tenants cannot be evicted simply for refusing to accept a cash for keys offer. Most states have specific rules about when a tenant may be evicted, and landlords who try to evict tenants in violation of those rules may be required to pay fines to the tenant or the court and may also be required to allow the tenant to remain at the property.
Understand what your rights are as a tenant before signing any rights away in a cash for keys agreement. If the amount seems too low, see if they would be willing to offer more—but be prepared to explain why you, as the tenant, feel a bigger offer is necessary.
There may be factors that would make it harder for you to move immediately, such as physical health, age, or family status. Be up front about your concerns when negotiating the payment amount. Get the downloadable pdf Cash for Keys Agreement form template below. Check out the Word version of the form here. Cash for Keys Cash for keys means giving a tenant cash or a check in exchange for the keys to a property the tenant is being asked to vacate.
How the Process Works — Make the offer, get it in writing, and get the keys.
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