Selling a Rental With Tenants in Florida: Cash for Keys and Other Options

You're ready to sell your Florida rental. The market's good, you've run the numbers — but you've got tenants in place with six months left on the lease. Can you sell? What happens to the lease? Do you have to wait, or can you get them out? Here's what Florida law allows and the options that actually work.

Quick Answer

• The lease survives the sale. When you sell, the new owner steps into your shoes. The tenant stays under the same terms — rent, duration, everything — until the lease ends. You can't evict just because you're selling.
• You have options: sell to an investor who wants the tenant, wait for lease expiration, or negotiate a buyout — "cash for keys" — to get the tenant out early.
• Month-to-month is different. Florida requires at least 30 days' written notice to terminate a month-to-month tenancy (as of July 2023). Plan ahead.
• Security deposits transfer. You must transfer the deposit to the new owner, together with any earned interest and an accurate accounting. The new owner inherits the obligation. Florida Statute 83.49 governs how deposits are held and transferred.

Florida Details: Lease Survives Sale

Florida follows the principle that the lease "runs with the land." When you sell, the buyer takes the property subject to existing leases. The lease doesn't disappear. The new owner must honor it — same rent, same end date, same terms until the lease expires.

That means you can't use a sale as grounds for eviction. You can't tell the tenant "I'm selling, so you have to leave." If they have a fixed-term lease with six months left, they can stay those six months. The buyer gets the property with the tenant in it.

Month-to-month tenancies transfer too, but they're easier to end. Florida law requires at least 30 days' written notice before the end of a rental period to terminate a month-to-month tenancy. You can't give 15 days notice anymore — that changed in July 2023. Plan your sale timeline around that. If you want the property vacant for sale, you'll need to give notice at least 30 days before the next rent due date, then wait for the tenant to vacate. That can push your listing date by 45–60 days depending on when you serve notice.

Fixed-term leases — you're stuck until they expire unless you negotiate. That's where cash for keys comes in.

Cash for Keys: How It Works

Cash for keys is a voluntary agreement: you pay the tenant to vacate early and return the keys in good condition. No eviction. No court. Faster and often cheaper than fighting.

Typical amounts: Florida landlords commonly offer half to one month's rent, plus return of the security deposit (unless there's major damage). A tenant who knows eviction would cost you legal fees, lost rent, and turnover might negotiate higher. Start with a fair offer — half a month's rent is reasonable — and have a ceiling you won't exceed.

What to put in writing: The agreement should specify the move-out date, the payment amount, and that the tenant will leave the property in good condition (broom clean, no damage beyond wear and tear). Payment typically happens at move-out when you do the walk-through. Get keys in hand before you pay. If the tenant has caused damage, you can deduct from the security deposit per normal Florida security deposit rules — but the cash-for-keys payment is separate. Don't mix the two.

Timeline: Most agreements give the tenant 30–60 days to vacate. That gives them time to find a new place. Rushing them with a 7-day deadline can backfire — they might refuse, and then you're back to eviction.

For more on ending leases early by agreement, see our early lease termination guide.

Showing the Property to Buyers

You have the right to show the property — but you have to follow the rules. Florida Statute 83.53 allows entry to "exhibit the dwelling unit to prospective or actual purchasers." Tenants "shall not unreasonably withhold consent."

Notice: The notice rule people quote is a repair rule: "'Reasonable notice' for the purpose of repair is notice given at least 24 hours prior to the entry, and reasonable time for the purpose of repair shall be between the hours of 7:30 a.m. and 8:00 p.m." Showings are different. They're one of the "further purposes" in 83.53(1), and for those the statute says: "The landlord may enter the dwelling unit when necessary for the further purposes set forth in subsection (1) under any of the following circumstances: (a) With the consent of the tenant; (b) In case of emergency; (c) When the tenant unreasonably withholds consent; or (d) If the tenant is absent from the premises for a period of time equal to one-half the time for periodic rental payments. If the rent is current and the tenant notifies the landlord of an intended absence, then the landlord may enter only with the consent of the tenant or for the protection or preservation of the premises." For a sale, that means getting your tenant to agree to a showing schedule, ideally in writing, and giving at least the 24 hours you'd give for a repair. Don't show up unannounced. Your tenant right of entry guide covers the full notice requirements and timing rules.

Tenant cooperation: Tenants can't unreasonably refuse. But they don't have to leave during showings. They can be present. If the property is cluttered or the tenant is uncooperative, that can hurt your sale. Some sellers offer a small incentive — rent credit for the month, or a gift card — for keeping the place show-ready and accommodating showings. It's not required, but it can smooth the process.

Sale Price Impact: Tenants vs. Vacant

Tenant-occupied properties typically sell for less than vacant ones. The buyer pool shrinks mostly to investors. Owner-occupants usually want to move in themselves. Investors base offers on income potential — cap rate, cash flow — not emotional appeal. They may offer less than you'd get from a vacant, staged sale.

Vacant properties sell faster and often for more. You can stage, clean, and schedule showings on your timeline. You attract a broader buyer pool. The tradeoff: getting the property vacant can delay your sale. If the lease has 6 months left and you can't negotiate a buyout, you're either selling with the tenant or waiting.

Your options: Sell to an investor who wants the tenant (immediate income, no vacancy), wait for lease expiration and then list vacant, or negotiate cash for keys and list when vacant. The right choice depends on your timeline, the lease terms, and market conditions.

What You Must Do at Closing

Security deposit transfer. Florida Statute 83.49(7) says: "Upon the sale or transfer of title of the rental property from one owner to another, or upon a change in the designated rental agent, any and all security deposits or advance rents being held for the benefit of the tenants shall be transferred to the new owner or agent, together with any earned interest and with an accurate accounting showing the amounts to be credited to each tenant account. Upon the transfer of such funds and records to the new owner or agent, and upon transmittal of a written receipt therefor, the transferor is free from the obligation imposed in subsection (1) to hold such moneys on behalf of the tenant. There is a rebuttable presumption that any new owner or agent received the security deposit from the previous owner or agent; however, this presumption is limited to 1 month's rent. This subsection does not excuse the landlord or agent for a violation of other provisions of this section while in possession of such deposits." Put simply, the deposits go to the buyer with an accounting, and holding them stays your obligation until the buyer gives you a written receipt. The transfer must happen at or before closing, and notify the tenant in writing with the new owner's name and address. If you fail to transfer it, the tenant can sue you. Get it right.

Tenant estoppel certificate. Buyers and lenders often request a signed estoppel from the tenant — a document confirming lease terms, rent amount, lease dates, security deposit, and whether the tenant has any claims or disputes. If your lease agreement includes an estoppel clause (tenant agrees to sign upon request), you can require it. If not, the tenant may refuse. Include an estoppel clause in future leases. For this sale, coordinate with the tenant early — they can slow or delay closing if they don't respond.

Disclosure. Disclose the lease terms to the buyer. Rent amount, lease end date, security deposit, and any special provisions. The buyer needs to know what they're inheriting.

1031 Exchange and Tax Considerations

If you're doing a 1031 exchange — deferring capital gains by reinvesting in like-kind property — the presence of tenants doesn't disqualify you. The property is still investment property. The 45-day identification and 180-day closing deadlines apply regardless. Florida has no state income tax, so you're only deferring federal gains. Work with a qualified intermediary and a tax professional. The sale process and tenant situation don't change the 1031 rules — but your timeline and replacement property selection do.

What NOT to Do

Don't evict without cause. You can't evict a tenant just because you're selling. The sale alone isn't grounds. You must have a valid reason — nonpayment, lease violation, or end of lease (with proper notice for month-to-month). And don't try to clear the unit yourself: changing the locks or shutting off utilities is barred by 83.67, and under 83.67(6), "A landlord who violates any provision of this section shall be liable to the tenant for actual and consequential damages or 3 months' rent, whichever is greater, and costs, including attorney's fees." Three months' rent is the minimum, not the cap.

Don't skip the security deposit transfer. Transfer it with an accounting and get the buyer's written receipt. Document it. Notify the tenant. Failure creates liability for you and confusion for the buyer.

Don't assume the tenant will leave. Some tenants dig in. They know their rights. If you're counting on a sale and the tenant won't negotiate, you're stuck. Start the conversation early. If cash for keys doesn't work, consider whether you can sell with the tenant or need to wait.

Don't enter without notice. Even during a sale, you must follow Florida Statute 83.53 — the tenant's consent (or one of the statute's listed exceptions) for showings, and 24 hours' notice between 7:30 a.m. and 8:00 p.m. for repairs. Our right of entry guide covers the full rules. And 83.53(3) sets the limit: "The landlord shall not abuse the right of access nor use it to harass the tenant." Pile showings on a tenant who hasn't agreed to them and you risk handing them a harassment claim they can take to court for damages (83.54, 83.55), in the middle of your sale.

When to Escalate

Complex negotiations. If the tenant is demanding a large buyout or refusing to cooperate, a real estate attorney or property manager can help. They've negotiated these before.

Investor buyer questions. If you're selling to an investor, they'll want lease copies, rent rolls, and estoppel certificates. Have your paperwork ready. A property manager can help assemble it.

1031 exchange. If you're deferring gains, get a qualified intermediary and a CPA involved from the start. The deadlines are strict.

The Bottom Line

You can sell with tenants. The lease survives. Your job is to choose the path that fits your timeline: sell to an investor with the tenant, wait for lease end, or negotiate cash for keys. Follow the security deposit rules. Give proper notice for showings. And when you're ready to talk through your next move — whether that's selling, refinancing, or holding — our Free Rental Analysis can help you see the numbers.