We have decided to start doing “cash for keys.”
How to do this legally? What mandates that the lease has officially been terminated? Must I draw up some contract? What must it say?
Hi,
Are you terminating rental agreements in your RV Park to remove a tenant or multiple tenants or all tenants?
Cash for keys is done and exchanged when the tenant is completely off the property and has removed his property, trash and broom swept / wiped down and rough cleaned everything!
Your agreement can be in writing to give $500 for keys if tenant has moved by such and such date! You inspect the premises including closets, cabinets, bath vanities, storage, garage, bedrooms, yard, etc.
If everything is gone pay tenant and get the tenants official signature that they left the property and are vacating their lease / rental agreement!
Your not paying cash for keys upfront as you’ll find tenants don’t live up to their agreement with out the “Carrot” dangling in front of their head!
Vacating and signing a letter stating they have given up their agreement and vacated the premises! Yes you need to write out the terms and conditions of your expectations of the tenant in exchange for cash for keys and signature!
GR
I’m doing it on a case by case basis to avoid losing ~$1,300 in lost rent and court costs during an eviction.
I guess it is a very simple contract. I probably didn’t have to ask this.