25 Oct Sample Lease Cancellation Agreement

When it comes to leasing premises, there may come a time when either the tenant or the landlord needs to break the lease earlier than the agreed-upon end date. This is where a sample lease cancellation agreement comes into play.

A lease cancellation agreement is a legally binding document that allows both parties to terminate a lease early. It`s important to note that there are several reasons why one might need to break a lease, such as a job offer in a different state, unforeseen financial hardships, or a dispute between the tenant and landlord.

Having a lease cancellation agreement in place can help both parties avoid legal complications by clearly outlining the terms of the lease termination. This agreement should include the following information:

1. Names and addresses of both parties

2. Date of the original lease agreement

3. Reason for the lease termination

4. Date that the lease will be terminated

5. Amount of any fees or penalties associated with the early termination

6. Procedures for returning keys, security deposits, and any other property associated with the lease

When drafting this agreement, it`s important to consult with an attorney to ensure that all legal requirements are met. Additionally, the lease cancellation agreement should be signed and dated by both parties to ensure that everyone is in agreement about the terms of the lease termination.

Overall, a sample lease cancellation agreement is an essential document for landlords and tenants alike. By having this agreement in place, both parties can avoid unnecessary legal disputes and move on with their lives.