Also known as a tenant buyout or “cash for keys,” a tenant surrender of possession agreement is a contract where typically, in exchange for compensation or rent waiver or both, both parties
release all claims arising out of the tenancy.
Although our office has handled more of these agreements in the heyday of little oversight and relaxed rules, Bornstein Law still uses this vehicle quite a bit to secure vacancies, especially when there are no legal grounds for a proper termination notice.
Distrustful municipalities throughout the Bay Area, however, have enacted strict regulations governing the negotiations of buyouts. We share the deadlines and disclosures here, along with a checklist of items our office needs to begin the process.
We’ll also avail the opportunity to share changes in store for landlords in Concord and Hayward and invite you out to a September 17th event to discuss everything property management and rent control.