As a landlord or property manager, there may come a time when you have to make the difficult decision to evict a tenant if worst comes to worst. However, the eviction process can be extremely lengthy and not to mention mentally, emotionally, and physically draining. The alternate – cash for keys – comes with its own set of criticism. Here, we pitch cash for keys vs. eviction to identify which is better.
The Eviction Process
A Florida eviction generally requires the applicable notice, a court filing and compliance with court procedures. Timing depends on service, the tenant’s response and the court’s schedule; there is no fixed two-week minimum that applies to every case. Legal representation requirements depend on the party and circumstances. Review Miami-Dade’s landlord-tenant court resources and obtain case-specific legal advice.
The eviction process will cost you a substantial amount of money. If you don’t have a property manager, you will also have to handle the legal procedure yourself, and it is a very emotionally taxing procedure.
Cash for Keys
A simpler, more straightforward alternative is cash for keys. Here you offer the tenant a sum of money to ask them to leave. You trade money for the keys to your rental property. The tenant signs a release form and moves out.
Understanding the Difference
Identifying which is better will depend on your personal preference and the resources available to you. Plus, all the steps and warning you’ve taken before reaching the point of deciding on eviction or cash for keys are also important.
If you have issued warning notices and given the tenant ample time to leave, you may be considering eviction. Why would you want to pay your tenant to leave, right? Eviction can cost you a lot more than cash for keys, both financially and mentally.
A tenant may raise applicable legal or equitable defenses, and notice defects or other procedural issues can affect the case. An emotional appeal alone does not establish a right to a stay. Florida section 83.60 sets out defenses and court-registry requirements; seek legal advice about the particular case.
As we mentioned earlier, cash for keys comes with its own set of problems. How do you convince a bad tenant to move out of the property they’ve decided to live in. The process sounds simple, yes, but it isn’t. In fact, you may not even be able to convince the tenant to move out even for a substantial amount of money.
Which is Better?
Our vote lies with cash for keys. Once you enter the legal maze, it may be harder for you to find a way out. Imagine if the tenant gets a stay order, and you have to deal with them for a while more. Switching to cash for keys in such a situation will just cost you double the money.
Don’t get us wrong. Both processes cost you a lot financially. But you can save yourself the legal hassle by trying to persuade the tenant to take the cash and move out. Change locks only after lawful surrender of possession or completion of the applicable court process. Do not use a lockout to remove a tenant; review section 83.67 and section 83.62. Review screening practices, but do not assume they can eliminate every future dispute.
