A landlord may offer money in exchange for tenants moving out early. These offers can be fair, but read the terms carefully, since you give up rights.
Why landlords offer them
Buyouts can help landlords avoid a formal eviction, renovate or sell a building. In some cities they are regulated, and tenants may have rights to disclosures or time to consider.
Questions to ask
- How much is offered, and when is it paid?
- What date must you move out?
- Will the landlord return your deposit and waive any claims?
- Does the agreement release you from future rent?
- Does your city require relocation payments that exceed the offer?
Protect yourself
- Do not sign immediately. Take time to review.
- Check local tenant protections that may give you more.
- Negotiate. Offers are often negotiable.
- Get the agreement in writing, with all terms.
- Arrange payment before or at move-out, and keep proof.
Risks
Moving out on a promise without a written agreement can leave you without a home or payment. Tenants in rent-regulated housing may give up valuable protections. Talk to a tenant lawyer or housing counselor first.
Frequently asked questions
Do I have to accept?
No. You may stay until your lease ends or a legal process says otherwise.
Is a buyout taxable?
Payments may be taxable. Ask a tax professional.