Cash-for-keys — negotiated buyout to regain possession quickly

Answer

Intro: Cash-for-keys is a voluntary agreement where a landlord (or lender) pays a tenant, occupant or squatter a sum of money or other consideration to vacate the property by a specified date. Owners use it to avoid the time, cost and uncertainty of formal eviction or forcible removal; occupants accept it to leave quickly and with cash to cover moving expenses.

Main part: Cash-for-keys arrangements vary, but they follow a predictable pattern. First, assess the risk and cost of eviction in your jurisdiction (court fees, sheriff time, vacancy loss). Then make a written offer that states the amount, the move-out date, condition expectations, and what the owner will provide (cash, movers, or waived fees). Typical payments range widely — from a few hundred dollars for a quick swap to several months’ rent when eviction costs or holdouts are likely — so set an amount that reflects local eviction timelines and property value.

Key steps to manage the process safely and enforceably:

• Put the offer in writing. Include move-out date, condition standard, and the exact payment method and timing.
• Require a signed release. Have the occupant sign a short written release or “cash-for-keys” agreement that confirms voluntary surrender of possession and specifies that the payment settles claims related to occupancy.
• Document condition and delivery. Complete a move-out inspection with photos/videos and a dated receipt when you hand over funds.
• Avoid coercion or threats. Never use force, lockouts, utility shutoffs or harassment; these actions can create criminal or civil liability.
• Keep records. Retain the signed agreement, receipts, inspection photos and any communication transcripts.

When cash-for-keys makes sense: it can save weeks and thousands of dollars versus eviction, prevent damage from hostile occupants, and offer a faster return to market. It may not work with tenants who refuse to accept offers or where local law requires formal process for certain occupants (for example, tenants with statutory protections).

Final note: treat every case individually, follow local procedure exactly, and document each step. Because eviction and settlement rules vary, it’s advisable to consult a licensed attorney or local housing authority before offering or relying on a cash-for-keys agreement.