Rental Property Investor · Lawrence, KS · Member since 2019 · 2 posts · 1 vote
Hi, I am closing on my first duplex on Friday! My family and I are moving into one side that has a tenant that is month to month. We are planning on giving her an official notice, I have already spoken with the tenant about this, with a lease termination on this Friday. I know she legally has the right to 30 days for moving out but, we are wanting her out earlier to do some repairs before we move in. We are planning on incentivizing her with cash to move out by the 16th. I was wondering is there a good way to include the incentive in the lease termination or do I need to use a second document for the incentive? Thanks!
I agree with @Account Closed. Keep them separate. I would issue her a 30 day notice to terminate her month-to-month tenancy with no mention in it of negotiating a shorter timeframe so you know that notice is clean/legal.
Then I’d have a separate verbal conversation with her about what it would take to incentivize her to be out earlier than 30 days. However, in the event she didn’t agree to be out any earlier, at least you’d know you did the 30 day notice properly and had that to fall back on.
I'd make them separate documents. One says they have to be out in 30 days. End of story.
The other would be a negotiation. You don't want your negotiation back and forth to change that original 30 day time clock. In my oh so humble opinion.
I agree with @Account Closed. Keep them separate. I would issue her a 30 day notice to terminate her month-to-month tenancy with no mention in it of negotiating a shorter timeframe so you know that notice is clean/legal.
Then I’d have a separate verbal conversation with her about what it would take to incentivize her to be out earlier than 30 days. However, in the event she didn’t agree to be out any earlier, at least you’d know you did the 30 day notice properly and had that to fall back on.
Thank you both @Kyle J. and @Account Closed very helpful advice. I will do the 30 day notice then talk with her about incentives and make a document if it seems necessary.
Great advice with the two separate agreements here from Sue and Kyle. I would also reccomend if the existing tenant agrees to be out in say 15 days, make sure you have them sign some sort Lease Termination agreement before you give them Cash for the Keys so they don't later change their mind!
Great advice with the two separate agreements here from Sue and Kyle. I would also reccomend if the existing tenant agrees to be out in say 15 days, make sure you have them sign some sort Lease Termination agreement before you give them Cash for the Keys so they don't later change their mind!
Good point. I have negotiated basically a cash for keys, by just saying I'll give them their security deposit in cash on their move-out day, if they leave the place empty and clean - and they don't just pile stuff outside for me to deal with. You could start by just doing that. Tenants rarely expect to get their full deposits back, so just offering them in cash, without having to wait, might be enough. And get them to sign a document and give you the keys before you hand them the cash.