Property Condition
What Is Cash for Keys?
Cash for keys is an arrangement where a property owner or buyer pays an occupant — often a tenant or former owner — a sum of money to voluntarily move out, avoiding a lengthy eviction.
Cash for keys is a practical alternative to eviction. Instead of pursuing a slow, costly legal process, the owner or buyer offers the occupant a cash payment in exchange for leaving the property promptly and in good condition.
It's commonly used with tenant-occupied rentals being sold, or with occupants remaining after a foreclosure. Everyone benefits: the occupant gets help relocating, and the owner avoids months of eviction proceedings.
When a cash buyer purchases a tenant-occupied property, they often handle any cash-for-keys arrangement themselves after closing, so the seller doesn't have to.
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