A “tenant surrender of possession agreement”- or a tenant buyout, is a legal agreement where the tenant agrees to vacate the given premises in exchange for an agreed amount of money. In this case, the tenant will agree to leave the respective property of his own accord. The landlord pays the agreed amount of money to the tenant, which is specified within the contract. The tenant agrees to leave the rental property in exchange for compensation (cash). A tenant buyout attorney can help you draft such an agreement, and he will represent your best interest in case anything happens. It is important to reach out for professional help to see if such an agreement would work in your case- if you are a landlord.
Several benefits come with such an agreement, especially if you are a landlord and need that extra safety net. Firstly, the landlord gets a greater degree of flexibility in the way he can manage his property. For example, if you are dealing with a tenant who does not want to leave but has such an agreement in place, he needs to vacate the property and will receive compensation for doing so. This is exactly where a tenant buyout attorney can help.
The attorney will explain to you in more detail everything you should know about such an agreement-he will explain your rights and responsibilities to you. Being a property owner is not easy, and you need to be careful and mindful about managing your property/ properties. You should contact an attorney and see if such a contract or agreement would work well in your case.
- Get maximum flexibility in the management of your property
- Get the peace of mind you need-your property becomes available again exactly when you want it
- Get more free hand in managing your property the way you exactly wish
- Stay away from plenty of legal claims and complications if things become too complex between you and the tenant