“Cash for keys” is a practical strategy some BC landlords use when they need a tenant to move out without going through a long or stressful eviction process. It means offering a tenant a financial incentive to move out voluntarily by an agreed-on date. When done properly, it can save time, reduce conflict, and create a smoother transition for both sides.
In British Columbia, cash for keys does not replace proper paperwork. The tenancy does not legally end unless the correct forms are signed. Landlords must use the RTB’s Mutual Agreement to End Tenancy to make the arrangement official. Alongside this, it’s important to use a written Cash for Keys Agreement to outline the terms, including the amount offered, expectations for the condition of the unit, and the move-out date. A ready-to-use Cash for Keys Agreement is included in the Tenant Exit Bundle for BC Landlords.
Landlords commonly use cash for keys when they want to:
- Renovate or sell the property
- Recover the unit for personal occupancy
- Avoid the uncertainty or delays of an RTB hearing
- Create a peaceful, mutually agreed-upon exit
A written Cash for Keys Agreement is important because it allows both parties to clearly understand:
- The move-out date
- The exact dollar amount offered
- The conditions for returning the suite in good order
- When payment will be given (typically after keys are handed over)
Benefits of using cash for keys include:
- Faster resolution
- Less conflict
- A predictable move-out timeline
- Often lower costs compared to prolonged disputes or lost rent
There’s no fixed amount you must offer. Consider factors such as the current rental market, how urgently you need possession, and whether the tenant will face higher rent elsewhere. Most landlords offer an amount that makes the move worthwhile for the tenant while still being financially reasonable.
To keep the process smooth:
- Approach the conversation respectfully and without pressure
- Give the tenant time to consider the offer
- Put everything in writing
- Use both the RTB Mutual Agreement to End Tenancy and your Cash for Keys Agreement
- Exchange the cash only after the unit is vacated and keys are returned
For landlords who want all the necessary documents in one place, the Tenant Exit Bundle includes the Cash for Keys Agreement, move-out checklist, and other helpful tools to support a smooth transition.
