What is a cash key?

A cash for keys agreement is a mutually beneficial contract between a landlord and a tenant. It involves the tenant voluntarily vacating the premises in return for a financial incentive.

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This arrangement typically arises in situations where the property is facing foreclosure or the landlord desires to terminate the lease for various reasons.

The popularity of cash for keys agreements can be traced back to the financial crisis, when banks introduced the concept as a means to expedite the eviction process for homeowners in foreclosed properties.

The agreement benefits both parties as it allows the landlord to regain possession of the property without the hassle and cost of a legal eviction, while the tenant receives a financial cushion to assist with relocation expenses.