money to move offered by new owner to previous owner when should the transaction take place?

Asked by bob, Los Angeles County, CA Fri Dec 30, 2011

shouldnt the new owner of the property pay the previous owner to move before they vacate the property to have funds to move?

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4
Sara Mehrpou…, Agent, Los Angeles, CA
Fri Dec 30, 2011
Hi Bob

Usually, in a "cash for keys" situation, they do not pay the previous owner any money until the property has been verified to be vacant and clean. Otherwise, there is no guarantee that the occupant will be moving out of the property if they receive the money while they are still occupying the property.

Thanks
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Direct: 818-903-2040
http://www.short-sale-vs-foreclosure-help.com
Rodeo Realty
Dre License #01712757
2 votes
Diane Wheatl…, Agent, Upland, CA
Sun Jan 1, 2012
Dear Bob,

The transaction should occur simultaneously upon release of possession by the tenant to the landlord. The cash for keys offering is conducted to insure that the property will be clean and vacated as agreed to between the two parties. If the landlord provided the cash to the tenant prior to vacating the residence, how could timely release of possession be assured?

Hope that helps!

Diane Wheatley, Broker
diane@moveupproperties.com
0 votes
Roland Vinya…, Agent, Sprakers, NY
Fri Dec 30, 2011
If they don't have the money to even move, it's a sign to be more cautious with them than you might otherwise be. Be sure everything is clear, and in writing before making out any checks. And make sure they are out and you approve the property before you release the check.
0 votes
Byron Lohman, Agent, Palm Springs, CA
Fri Dec 30, 2011
Bob,

There's a CA Association of Realtors form called "Cash for Keys Agreement" (CAR Form CFK) that spells out the situation quite well. You should be able to get that from your agent in the L.A. area. Otherwise, I recommend that you consult a real estate attorney for guidance. But as Sara mentioned, you would want all of the details in writing and the occupants moved out and cleaned prior to making any payment.

Byron Lohman, CCIM, CDPA, SFR
Prudential CA Realty
byron@byronlohman.com
0 votes
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