Cash for Keys
The Los Angeles City Council approved an amendment to the RSO to require notice to tenants prior to executing a “cash for keys” agreement. The Tenant Buyout Notification Program (LAMC 151.31) provides for regulation, monitoring and enforcement of voluntary vacancies of RSO rental units occurring pursuant to a Buyout Agreement. To promote fairness during buyout negotiations and agreements, landlords must inform tenants of their RSO rights before executing a Buyout Agreement. Disclosure notices must be filed with the City. The required Disclosure Notice is provided at the end of this bulletin. This notice must be provided to tenants before executing a Buyout/Cash for Keys agreement to vacate an RSO rental unit.