What to do with this c4keys situation


#1

Recently purchased a property and I am working a cash for keys out with the previous owners. I haven’t determined the amount to give yet, but the previous owners are saying they have been advised that sometimes previous owners/tenants do everything to move out and still do not receive their cash for keys because the new owners renege, so they are saying they would like half of the money now and half when they move out. I have verified with the property management the new place they will move. I told them I’d think about it because I was busy at the time and it seems a somewhat fair point they make, but after thinking about it, it really makes no sense for me to do because they could not leave the property clean of personal property, end up taking something they weren’t suppossed to, damage it, etc. to make even half the cash for keys an excessive payment. So any ideas to cover myself and offer them comfort that I will pay the cash for keys upon moving out?


#2

IF they have an atty., you could write up an agreement and let him/her hold the funds pending them moving out.

You could go to the time (and expense if you don’t know how to do it yourself) and do a stipulation for entry of Judgment of Possession in an Unlawful Detainer (eviction) action. The judgment would state the “deal”.


#3

Concur with miket … just got possession of a property from an occupant who had been the subject of seven (7) < yup previous unlawful detainer lawsuits. He had trashed at least two of his prior occupancies. I did a cash-4-keys that was part of a stipulated judgment … The judgment specifies the deal terms (he receives agreed upon $ if he moves out on or before specified date and leave property undamaged and in broom clean condition) … which my occupant complied with. If for some reason he failed to move in time or trashed/damaged the property (in violation of the agreement), it moves immediately to a UD action.


#4

Thanks so much! I really appreciate it. I did finally get them to agree to give the money on move out day. Now I have to hope they do move on that day as agreed, but think they will. Will follow both of your advices for the next time even if it costs a bit more to get that set up.