Lease agreements are binding agreements which hold both the landlord and tenant accountable for the terms and conditions written in the agreement. There are times however, when those terms may need to be altered or altogether vacated with both parties consent. For instance, when landlords encounter a mutual agreement to terminate early, such an agreement requires unique and careful documentation and handling.
The Mutual Termination of Lease Tenancy form will allow for the delicate handling of such a situation where both the landlord and tenant each release the other from the lease commitment. Typically, in these special situations, there is an early termination fee associated.
This addendum creates an agreement between the landlord and tenant to be released from the obligations of the lease at an earlier date than specified within the original agreement.
This form is for a tenant who agrees to be released early from the lease agreement. If a landlord decides to use this form, it becomes an addendum to the original lease; changing the terms of the ending date. The landlord should give this to the tenant after he/she has come to amicable terms regarding a release from the obligations of the lease agreement at an earlier date than originally specified.
Reminder: Print and sign two copies of this Agreement, one for the landlord and the tenant. Additionally, be sure to obtain a copy signed by the tenant. This should be attached and kept with the original lease agreement.
Note: This Mutual Termination of Lease Tenancy may be used under any circumstance where both parties have agreed to terminate the lease for any reason.
To Create your Mutual Termination of Lease Tenancy please follow the link and directions. Each landlord might have different terms or variations of this termination form that they wish to use.