What are the terms of the takeover agreement?

The Flip Instant takeover agreement is a simple legal document that holds us responsible for paying your monthly rent starting approximately thirty days after we sign the agreement.

In exchange for the risk that we are assuming, you pay a one-time fee to Flip and agree to cooperate with the takeover process during the thirty day period before you move out. We define your cooperation by your compliance with a few terms of the takeover that we wrote down here:

Condition #1: Don't change your move out date

You'll choose a move-out date that's sometime between one and thirty days from when you sign the agreement. Once this happens we'll start looking for someone new to live in your apartment, so after that point you do need to stick to your plans.

Condition #2: We need to access to your apartment

Within two days of buying Flip Instant you'll receive a digital keybox in the mail. We need you to put your spare keys inside of it and hang it somewhere convenient near your apartment or building door. It's important that this happens within one or two days - if you wait longer than forty eight hours to setup your keybox it will postpone the takeover start date by one day for every day that they keybox isn't there.

Once the keybox is setup, you'll be able to choose and change time windows each day when we can access your space using the spare keys. We require a minimum of eight hours of availability for at least five days of the week during the time between signing the agreement and moving out.

If you prevent us from accessing your space by failing to setup your keybox or preventing people from entering the apartment during the time window that you selected this will void the agreement.

Condition #3: Let us choose the next tenant

We will review the applications submitted by people who want to live in your apartment after you're gone and choose the most qualified applicant. Our primary concern is choosing someone that your landlord will be happy with and who will generally be a great new resident in the building. Don't interfere with or try to sway our selection; if you do anything that affects our ability to select the tenant of our choice, the agreement will be voided.

Condition #4: You must have paid all your rent

By signing this agreement you are confirming that you’re in good standing with your landlord. If at any point during the onboarding process we discover that you ow them money it will automatically void the agreement.

Condition #5: Accurate disclosures about the apartment

Before you move out we require you to complete a security deposit inspection form, listing any problems with the apartment that we should be aware of. If we discover that you left anything out of your inspection form and it inhibits our ability to rent the apartment then this agreement will be cancelled.

Condition #6: Landlord fees

In the event that any new fees are imposed by your landlord at any point during the remainder of your lease you’ll be required to pay these additional fees. For example, your landlord might tell us upfront that there is a lease assignment or sublet fee. If we move forward with the takeover you'll be responsible for these fees.


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