Cash for Keys during LURA decontrol period

Member since 2018 · 2 posts · 0 votes

Is cash for Keys during LURA decontrol period allowed. I am looking at purchasing a property that after 30 years the LURA has run out. It is in the decontrol period now. Many units are vacant. We would bring those to market rent. For the remaining units, is it possible to offer cash for keys to get residents to vacate so we can bring those units to market rent?

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Paw Nouri
Member since 2024 · 16 posts · 8 votes
2y
You need to speak with an attorney. Cash for keys is more of an agreement outside of the actual lease terms and isn't something that would fall under civil law. I'd expect it to fall under common law if ever challenged.
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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
2y
Quote from @Joshua Stall:

Is cash for Keys during LURA decontrol period allowed. I am looking at purchasing a property that after 30 years the LURA has run out. It is in the decontrol period now. Many units are vacant. We would bring those to market rent. For the remaining units, is it possible to offer cash for keys to get residents to vacate so we can bring those units to market rent?

Any contract can be renegotiated if all parties agree. I can't imagine why a Tenant would willingly leave a rental that is far below market rates, but you can try it.
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