Key money is a fee paid by a tenant to a landlord or property owner to secure a lease or rental agreement. This payment is typically made in addition to regular rent and is intended to provide the tenant with access to the property.
Here are some key points about key money:
Purpose: It can be used to secure a lease, renew a lease, or extend a lease.
Amount: The amount of key money can vary depending on the property, the location, and the negotiation terms.
Legality: The legality of key money can vary by jurisdiction. In some places, it is considered a form of bribery, while in others it is a legal practice.
Commercial real estate: Key money is more common in commercial real estate leases than in residential leases.
In summary, key money is a payment made by a tenant to a landlord to secure a lease. The amount and legality of key money can vary depending on the circumstances.
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