Voluntary Move Out Agreement

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Voluntary Move Out Agreement

A Brief Introduction About the Voluntary Move Out Agreement

This agreement or a move-out agreement is defined to be an arrangement in which the tenant voluntarily vacates the rental unit, for compensation. This type of agreement is particularly striking when there are no convenient lawful grounds to require a tenant to leave or to avoid the cumbersome legal procedure.

In this agreement, every party must agree to and sign new terms of the lease. The tenant must move out by a specified date, and the prevailing lease contract is efficiently terminated, meaning it could not be breached.

Who Takes the Voluntary Move Out Agreement?

When the tenant and landlord agree to a move-out as well as sign a new agreement, the new contract cancels the original lease agreement.

Purpose of the Voluntary Move Out Agreement

A comparatively new approach towards landlord-tenant relationships, agreeing on a tenant buyout, could help a landlord to convince a tenant to move out voluntarily.

This agreement is also known as a “cash for keys agreement”, in which the landlord approaches the tenant with a notice in order to move out on a certain date.

The landlord then makes it clear that they are eager to offer a specific amount of money if the tenant is ready to move out by that date as well as leave the premises undamaged.

The specific sum of money would vary, but both parties could negotiate. The landlord could also permit the tenant to take the full security deposit if they agree to voluntarily move out on or through the stated date on condition that the property is in the condition the tenant found it, save for reasonable wear and tear.

Contents of the Voluntary Move Out Agreement

In a voluntary move out agreement, a tenant move-out checklist is a move out agreement form that landlords must attach as a rider towards the original lease agreement. This checklist furnishes instructions for the tenant on the processes and the tasks they are required to complete when they vacate your property

Remove Your Belongings and Clean the Apartment: Move each of your belongings out and clean the apartment. If you don’t do that, the landlord might try to charge you for cleaning or removal of your belongings. Or the landlord might also try to keep some or all of your security deposit.

Make Repairs: Repair any damage which you have caused. But you are not liable to fix issues that were there when you moved in. Also, landlords might not charge you for normal wear and tear.

Take Pictures: Before moving out, take pictures of each and every room. In case your landlord states that you have damaged the place and they try to keep your security deposit, you would have images of the condition of your apartment when you moved out.

Check the property with the Landlord: When you have moved your belongings out, clean the apartment. Then ask the landlord to check with you. Point out any issues that existed when you moved in.

Return Your Keys: You must return the keys on or before your move-out date. In case you are late, the landlord could take money from your security deposit or last month’s rent.

How to Draft the Voluntary Move Out Agreement?

While drafting this agreement, you must include:

  • Today’s date
  • Name of the landlord
  • Property Address and Unit Number
  • Mention your reason to move out of the apartment
  • Include chosen move-out date
  • Also, state that you expect the return of your security deposit under state law
  • A forwarding address where your security deposit could be sent
  • Your Signature

Negotiation Strategy

Property owners should follow the measure and are required to provide the tenants with a statement allowing them towards rescinding the voluntary move out agreement for up to 25 days after execution.

Benefits and Drawbacks of the Voluntary Move Out Agreement

This agreement is beneficial for the tenant which includes that;

  • They get to leave the premises legally.
  • They have a rational time to look for another rental, make needed repairs, and organize for a move.
  • At times, the landlord would offer the tenant money to support them with the transition.
  • They avoid legal eviction, which could be expensive. Many states retain an eviction in court records for 7 years (5 years in Oregon), making it hard for the tenant to find a new rental.
  • In case the move out notice is served for incapability or for snubbing towards paying rent, a voluntary move out agreement could help avoid hurting the tenant’s credit score.

This agreement is beneficial for the landlord:

  • They can chuck out a delinquent tenant without going through the costly, lawful eviction procedure.
  • They are free to lease their rental towards a favored tenant.
  • They could carry out renovations.
  • They could lawfully sell their rental property.

Drawbacks:

Security deposit disputes are a big concern between landlords and tenants. If the tenant comprehends the proper processes for moving out, which includes when they are supposed to leave the rental property in, it helps minimize these issues.

What Happens in Case of Violation?

A written agreement works as a piece of evidence that there is a new contract. If either party which includes the tenant or landlord fails to sign the new move out agreement and the problem goes to court, the judgment would be based on the original lease agreement.

The move out requests through the landlord or move out action through the tenant would be treated as a violation of the existing lease agreement(1). In a few states, the agreement could be agreed upon, exchanged, as well as signed by both parties online.

In a voluntary move out agreement the tenant is likely to move out within a specified date, and the prevailing lease agreement is effectively terminated. In most agreements, the tenant also pays the damages to the rental. The projected cost of repairs is subtracted from the security deposit before or on the day of the move(2).