Are there any special things to keep in mind when negotiating cash for keys agreements?
Carefully balance whether you are better off accepting a deal or staying in your home as long as possible. Do everything in writing and keep copies. Make sure that the person signing any agreement for the owner is an authorized representative for the owner. Get as much of the money up front as you can, and the rest when you turn over the keys. Consider adding a provision requiring the bank to return your deposit on the same day you turn over the keys. I had an agreement, but now the agent won’t honor it. Unfortunately, many tenants report that agents and banks do not comply with their end of the deal. Some tenants move out in reliance on a deal, but then are left with nothing. Tenants who are stiffed can sue, but it may take months to get the money. Always insist on getting some of the money up front, and the rest at the time you turn over your keys, to avoid problems. Call Tenants Together for more information. Our Tenant Foreclosure Hotline is 415.495.8012. If you need legal assistan
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