A lease termination agreement is essential to prevent any disputes when a tenant is leaving. The agreement not only protects the tenant from any future liability toward the home, but it also helps protect the homeowner in case the former tenant takes him to court.
The lease termination agreement is drafted much like a lease agreement that is signed when a new tenant moves in, except that this focuses on the termination and release of liability.
Release of liability means that both parties have agreed not to sue each other for any fees owed.
The agreement will also address any property that should be given back to the homeowner at the end of the lease, such as:
- lawn equipment,
- window air conditioners
To reduce liability, lease agreements should be in writing – and every effort should be made to ensure the tenant vacates on the termination date. A solid lease agreement will include a “Yield Up” clause. This is the tenant’s promise to be off the premises by the end of the termination date, as well as the condition the tenant is to leave the property. The conditions should be listed in the lease agreement that was previously signed when the tenant moved in.
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Here are some lease termination agreements available on RealDealDocs:
Lease Termination Agreement for PEGASYSTEMS INC, Charles Park One, LLC, CHARLES PARK OWNER LLC, Charles Park Two, LLC, First Republic Bank
Lease Termination Agreement for LINEAGE CELL THERAPEUTICS, INC., Biotime, Inc, BSREP Marina Village Owner LLC, BSREP Marina Village Owner TRS LLC, G&I IX MARINA VILLAGE RESEARCH PARK LP, Industrial Microbes, Inc, LINEAGE CELL THERAPEUTICS, INC
Lease Termination Agreement for X4 PHARMACEUTICALS, INC, 955 MASSACHSUETTS AVENUE MA, LLC, 955 MASSACHUSETTS AVENUE MA, LLC, BAY STATE REIT, LLC, BRICKMAN 955 MASSACHUSETTS LLC, US REAL ESTATE INVESTMENT FUND REIT, INC