What a cash for keys agreement is
A cash for keys agreement is a voluntary move-out deal: the tenant agrees to leave by a date, in a stated condition, and the landlord pays an agreed sum when the keys come back. It is a contract, not a court order, so it only works if both sides sign willingly.
Landlords use it in three common situations:
- A tenant is behind on rent and an eviction would take weeks.
- The owner wants to sell the house empty, or a buyer wants it vacant.
- The relationship has broken down and both sides want a clean end.
It is often faster than court. Ohio Legal Help says an eviction usually takes 4 to 6 weeks. A signed move-out deal can set a date as soon as the tenant can pack.
Pricing the offer against an eviction
The usual way to set the number is to compare it with what an eviction would cost you. Akron Municipal Court’s cost schedule lists $193 to file against one tenant and $40 for the writ of restitution. Those court costs are the smallest part. The larger costs are:
- Rent you won’t collect while the case runs, roughly a month or more.
- Attorney fees, if you hire one.
- Damage risk: an angry tenant during a contested case versus a cooperative one leaving on a schedule.
- A delayed sale, if a buyer is waiting.
There is no set Ohio amount. The payment is whatever the two of you agree to. Many landlords offer enough to cover a moving truck and a deposit on the next place, because that is what actually lets a tenant leave.
What to put in the written agreement
Put every term in writing and have both sides sign and date it. A useful agreement covers:
- The move-out date and time, and what happens if it slips.
- The amount and how it is paid, for example a cashier’s check at the final walkthrough.
- Condition at handover: broom-clean, all personal property removed, no new damage.
- Keys, fobs and garage openers all returned.
- Rent owed: whether past-due rent is forgiven, reduced or still owed.
- The security deposit: returned, applied, or released, stated plainly.
- Utilities: final readings and who pays the last bills.
- Belongings left behind: what the landlord may do with them after the date.
- Mutual release, if both sides agree to drop claims against each other.
Keep a copy of the signed agreement and take dated photos of the unit at handover.
The security deposit still has rules
A cash for keys deal does not switch off Ohio’s deposit statute. Under R.C. 5321.16, after the tenancy ends and the tenant gives back possession, the landlord has 30 days to return the deposit or send an itemized written list of deductions. The tenant must provide a forwarding address in writing. A landlord who wrongly withholds can owe the amount withheld, an equal amount in damages, and reasonable attorney’s fees.
Two clean ways to handle it:
- Return the full deposit along with the cash for keys payment.
- State in the agreement that the tenant releases the deposit in exchange for a larger payment, and have the tenant initial that line.
Our guide to security deposits when selling a rental covers the deposit when ownership changes.
Timing the move-out around a closing
When the move-out is tied to a sale, line up three dates: the tenant’s move-out, the final walkthrough, and closing. A buyer who needs the house empty will usually write that into the purchase agreement, so the cash for keys date should fall a few days before closing, not on the same morning.
Ways to keep the dates from colliding:
- Set the move-out at least a week ahead of closing, so a short slip doesn’t push the sale.
- Ask the title company whether part of the payment can be held and released at handover, so neither side has to trust the other with cash.
- Read the meters on move-out day and send the readings to the water, gas and electric providers.
- Change the locks yourself once the keys are back, because a new owner can’t be sure every copy was returned.
If the tenant needs more time, a short written extension with a lower payment is usually better than letting the date pass without a word.
Lines a landlord must not cross
The pressure has to stay out of the deal. R.C. 5321.15 forbids an Ohio residential landlord from shutting off utilities or services, locking the tenant out, or threatening unlawful acts to get possession. The landlord also may not take the tenant’s furniture or belongings to collect rent without a court order. Breaking these rules makes the landlord liable for damages and the tenant’s attorney’s fees, and it can sink an otherwise good agreement.
Keep the offer polite and in writing, give the tenant time to think, and tell them they can show it to a lawyer or legal aid.
When the tenant says no
If the tenant declines, you are back to the normal rules. A month-to-month tenancy can be ended with 30 days’ notice before the rent date under R.C. 5321.17, and a tenant who stays after that, or who is behind on rent, can be evicted through the court. Our step-by-step guide to the Ohio eviction process covers the notice, hearing and writ.
A fixed-term lease is harder: the tenant generally has the right to stay until it ends. That is often where a sale with the tenant in place makes more sense than forcing a move. See tenant rights when a house is sold in Ohio and, for the seller’s side of that choice, selling a house with tenants.
If a buyer is willing to take over the lease, you may not need a move-out deal at all; you can tell us about the property and say whether it is occupied.
