SURRENDER OF POSSESSION AND GENERAL RELEASE
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While the information contained herein is designed to provide accurate and authoritative information in regard to the subject matter covered, it is offered with the understanding that the presenter(s) are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert advice is required, the services of a competent professional should be sought.
Personal Note from AIG:
This is basically a form I use (as a landlord) when I’m doing “cash for keys” with a problem tenant. Basically I’m paying them money (usually $500 or less) in return for vacating the property by a certain agreed upon date, and leaving it in broom clean condition. It’s a mutual release of the remainder of our lease agreement. And I don’t hand them the cash until 1) I personally inspect the end result and 2) they’ve signed this piece of paper.
If this is a new concept to you, it won’t take you long in the landlording business to discover its benefits. While it varies from area to area, the fact is evictions tend to take much longer than they should and end up costing you a LOT of money in lost rents – even if you’re right – during the time it takes to get the tenants out.
Cash for keys gives them a motivating reason to make a clean break, resist the temptation to trash your property, and even get a little cash to help them make the security deposit for the next poor landlord they’re going to be a headache for. And it almost always costs me less than the alternative of getting them out the harder/longer way.
Forget about the principal of the matter and who’s right / who’s wrong. Unless they have a solid job they’re afraid to lose, you can forget about collecting any money from them even if you’re awarded a judgment against them.
Just get them out of your house ASAP and get your next tenant in right away. It’s all about your bottom line.