A properly prepared tenant buyout agreement removes any legal residue - the tenant agrees to waive all legal claims that may arise from the tenancy, and these. As the trusted resource hub for rental housing professionals, Southern California Rental Housing Association features a complete library of rental forms.A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Buyout agreement means an agreement where the landlord pays the tenant money or other consideration to vacate the residential rental property. The requirements for Buyout Agreements can be found below. Contact your legal counsel for assistance with a Buyout Agreement. What is a Buyout Agreement? A buyout agreement is essentially a cash for keys agreement.