What if a tenant wants to move out of a rental property before the lease expires? They are liable for the remainder of the rent for the duration of the lease. However, if the landlord is amenable, the two (landlord and tenant) can use a Residential Lease Termination Agreement to cancel the lease and get out of it before its expiry.
When a landlord rents property to tenants, both parties sign a lease agreement with a period of validity until the end of the period. The tenant is obliged to pay rent for the privilege to use and occupy the rental property. If the tenant wants to move before the end date, they can ask the landlord for a Residential Lease Termination Agreement.
By terminating the lease, the document essentially releases the tenant from any obligations right there and then. With this document, tenants are no longer liable for the rent.
The Residential Lease Termination Agreement isn't only useful to a tenant. It allows landlords to find new tenants, so they don't have to be stuck with undesirable tenants. It is worth noting that landlords do not have to agree to terminate an existing lease. Since both the tenant and landlord are parties to the original lease agreement, the execution of a Residential Lease Termination Agreement requires both parties' acquiescence.
Depending on your state, a Residential Lease Termination Agreement may also be known as:
A tenant who wants to terminate an existing lease before it expires should attempt to obtain a Residential Lease Termination Agreement from the landlord. If the landlord agrees to cancel the lease, then the two can go through with the termination, and the tenant will be free to leave the premises before the lease ends. Depending on the terms reached, the tenant may get out of all future rent obligations altogether, or perhaps only partially.
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Tenants usually have a valid reason for wanting to terminate a lease. Perhaps they lost their jobs, relocated, became sick, or broke up with their partner with whom they share the property. Regardless, a landlord does not have to agree to a Residential Lease Termination Agreement. If a landlord chooses to accommodate their tenant, the landlord can generate this document at 360 Legal Forms with a few clicks.
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Both the landlord and the tenant must sign this document. By signing the Residential Lease Termination Agreement, they signal their intent to agree to the terms. Before signing, both parties may want to read through the document. It does not require notarization or the presence of a witness to the signatures.
Once both parties have signed the Residential Lease Termination Agreement, they should retain a copy of it. Keep it somewhere safe as proof that the lease has been terminated. Landlords usually file it with the original lease agreement.
The Residential Lease Termination Agreement does not require notarization. However, notarizing the document ensures that if they end up in court, either party will have a harder time claiming that they never signed the document.
Tenants are usually on the hook for two months’ rent if they decide to get out of a Residential Lease Termination Agreement. It is up to the landlord’s goodwill to decrease the amount.
The reasons are various. A tenant may have to move to another city or state. They may have developed a debilitating medical condition. If the place was rented together with a friend or partner, a falling out may give rise to a need to cancel the lease. In general, if a tenant is unable to fulfill their tenant obligations for any reason, he or she can attempt to get the lease terminated.
While both the tenant and the landlord must agree to it, neither is obligated to agree to early termination. This is especially in the case of the landlord, who will be faced with the prospect of a vacant non-generating property, and therefore, may need a compelling reason to go ahead.
On the part of the tenant, this document allows the tenant to leave scot-free the premises before the lease expires. If not free, the tenant may be able to negotiate to pay less. As for the landlord, they may be entitled to two months’ worth of rent in advance, which can tide them over as they look for a new tenant.
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