“Relocation Assistance” is used by landlords, banks, or property managers to incentivize tenants or former homeowners to vacate a property voluntarily, avoiding the need for a potentially eviction process.
Current occupants receive Relocation Assistance in the form of a check to leaving the property on a specific day and in a certain condition.
Here’s how the Relocation typically works:
- Initial Assessment: Relocation Assistance offer appropriate?
- Making the Offer: The property owner or representative approaches the occupant with a written offer. This offer typically includes:
- The cash amount they will receive.
- The date by which the property must be vacated.
- Any specific conditions about the state of the property (e.g., “broom clean”, no major damages or removal of specific items). If you are not able to meet you the terms contact your representative asap.
- Agreement: If the occupant agrees to the terms, both parties sign the cash for keys agreement. It’s essential to have everything in writing to avoid misunderstandings or potential legal issues later. Note: any amounts over $600.00 will require a W-9 with valid address. If you don’t have a W-9 you’ll have to complete another document; both documents will be verified to make sure the name matches the information provided.
- Vacating the Property: The occupant moves out by the agreed-upon date and ensures the property is left in the agreed-upon condition.
- Inspection: Once the property is vacated, the home gets inspected verifying, If everything aligns with the agreement’s terms like handing over keys, remotes, mailbox keys, HOA Gate openers, broom clean etc. When everything is successful the check is handed over to one occupant. It’s important to note that all current occupants of legal age will need to sign the agreement. The relocation check will only list one occupant so if you need the funds split that must be addressed between the occupants.
- Payment: The occupant receives the agreed-upon amount in the form of a check.
I have seen where some property managers will ask me to verify the relocation assistance to help occupants secure housing.
If you’re working with me, please ask for my relocation package.