If you`re a landlord in New York, you may be familiar with the term “cash for keys agreement.” This type of agreement can be beneficial for both landlords and tenants and can help to avoid eviction proceedings.

A cash for keys agreement is a legal contract between a landlord and tenant where the landlord offers the tenant a sum of money in exchange for voluntarily vacating the premises and returning the keys. This agreement can be used in various situations, such as when a tenant is facing eviction or when the landlord needs to end the tenancy for personal or business reasons.

In New York, there are specific laws and regulations that govern cash for keys agreements. For example, landlords must provide tenants with written notice that explains the terms and conditions of the agreement, including the amount of money offered and the date by which the tenant must vacate the premises. Additionally, landlords must follow certain procedures when offering cash for keys, such as providing tenants with a copy of the proposed agreement and giving them a reasonable period to consider the offer.

One of the benefits of a cash for keys agreement is that it can help to avoid costly and time-consuming eviction proceedings. By offering a sum of money to the tenant, the landlord may be able to incentivize them to leave the premises voluntarily and without the need for legal action. This can save both parties time, money, and stress.

However, it`s important to note that a cash for keys agreement may not be appropriate in all situations. For example, if a tenant refuses to leave the premises or is engaging in illegal activities, a cash for keys offer may not be effective. In such cases, the landlord may need to pursue other legal remedies, such as eviction proceedings.

In conclusion, a cash for keys agreement can be an effective tool for landlords in New York who are looking to end a tenancy amicably and without the need for legal action. However, it`s important to follow the proper procedures and regulations when offering this type of agreement to ensure that it`s legally binding and enforceable.