Residential Lease Termination Agreement

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.

What Is a Residential Lease Termination Agreement?

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.

Other Names for Residential Lease Termination Agreement

Depending on your state, a Residential Lease Termination Agreement may also be known as:

• Early Lease Termination
• Agreement Regarding Cancellation of Lease
• Cancellation Lease Agreement
• Lease Cancellation Agreement
• Lease Termination Letter

Who Needs a Residential Lease Termination Agreement?

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.

Why Use Swyft Forms for Residential Lease Termination Agreement?

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Residential Lease Termination Agreement.

Specific to Your Jurisdiction

Laws vary by location. Each document on Swyft Forms is customized for your state.

How to Create a Residential Lease Termination Agreement With Swyft Forms?

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 Swyft Forms with a few clicks.

Let Swyft Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Residential Lease Termination Agreement?

To create your document, please provide:

• Tenant information: Legal name and contact number of the tenant
• Landlord information: Legal name and contact number of the landlord
• Premises details: The address of the rental property of concern
• Lease details: The beginning and end dates of the original lease
• Effective date: The date when the Residential Lease Termination Agreement goes into effect
• Termination reason: The reason for terminating the lease, which can be on the part of the tenant or landlord
• Date of vacation: The date by which the tenant is to vacate the property
• Security deposit: The amount of security deposit collected
• Fee: The amount that the tenant agrees to pay the landlord for terminating the lease before it expires

Residential Lease Termination Agreement Terms

• Expiration date: In the context of a Residential Lease Termination Agreement, this is the original lease's expiration date.
• Effective date: The date when the Residential Lease Termination Agreement is to become effective.
• Rental property: In the context of a Residential Lease Termination Agreement, this is the rental property in question.
• Security deposit: An amount of money a tenant pays in advance as a sort of guarantee that they will abide by the obligations and rules prescribed in the lease agreement.

Residential Lease Termination Agreement Signing Requirements

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.

What to Do With Residential Lease Termination Agreement?

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.