Tenant buyout agreements become more attractive as the eviction process is drawn out with seemingly no end in sight.
We have said many times in many venues that our goal is to resolve landlord-tenant disputes as quickly and inexpensively as possible, taking into account time, risk, and attorneys’ fees. We’ve also said that the best outcome to an eviction action is to not have one at all.
A confluence of factors has elongated the carefully choreographed steps of the eviction process. We know that the longer an unlawful detainer action goes on, the more money is lost by landlords.
A properly negotiated, legal and enforceable tenant surrender of possession agreement can stop the hemorrhaging of money by avoiding the courts and getting a fresh start with the upside potential of raising rents to market value.
While it may be painful to part with money to pay a non-paying or problematic tenant to leave, it may (or may not) make economic sense for housing providers when they consider the value of a voluntary vacancy. It’s at least worthy of discussion.
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