Definition
Cash for Keys
Cash for keys is a negotiated payment to an occupant — a tenant, former owner, or family member — to vacate a property voluntarily by an agreed date, avoiding a formal eviction's cost, months, and hostility.
The economics usually favor the deal: an eviction can cost thousands in legal fees and lost months (plus property damage risk), so paying an occupant a moving incentive with a signed agreement and a firm date is often the cheaper path — for owners and for investors who buy occupied properties.
Agreements should be written: the amount, the date, the unit's condition at handover, and payment upon confirmed vacancy — not before. Some investor buyers purchase occupied homes and run cash-for-keys themselves, which removes the problem from the seller entirely.
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