Residential Lease Termination Agreements
Under certain circumstances, a landlord and tenant may wish to break off their relationship before the expiration of the lease. Termination of a residential lease can be quicker and easier than termination of a commercial lease because commercial tenants often significantly alter the property for business purposes and must restore it before leaving. The lease termination agreement should address several important issues.
Right to Terminate
You may terminate a lease at any time by agreement between the landlord and the tenant, even if the lease says you can't. That is because since the lease was created through mutual agreement, it can be amended or terminated through mutual agreement. If the lease is in writing, the termination agreement must be in writing to be enforceable. Even if the lease is verbal, a written termination agreement can avoid legal risk.
Security Deposit
The landlord should conduct an inspection of the property before signing the termination agreement, and the agreement should include an itemized breakdown of any deductions. By law, the landlord cannot deduct from the security deposit for ordinary wear and tear, although the landlord and tenant can agree to waive this restriction. The agreement should state exactly how much money is being returned to the tenant, as well as the method and date of payment. If the security deposit is in escrow, the landlord may have to provide a signed copy of the termination agreement before the escrow agent will release the money.
Lease Termination Fee
If the tenant leaves before the termination of the lease, the landlord may incur damages. He may be unable to rent the property for awhile, for example, thereby sacrificing the tenant's monthly rental fee for the period of vacancy. He may also incur advertising expenses seeking a new tenant. For this reason, the landlord may demand a lease termination fee that represents the amount the landlord anticipates losing as a result of the tenant's early departure. In some states, if a residential landlord re-rents the property immediately after the tenant moves out, he must return the portion of the lease termination fee that represents lost rent.
Contract Drafting Tips
Draft the lease termination agreement carefully and precisely, leaving no room for ambiguity. If one party drafts the residential lease termination agreement with no input from the other party (as in a standardized agreement prepared in advance by the landlord for all tenants), a court will resolve any ambiguity against the drafting party in the event of a dispute. Prepare two copies of the agreement with original signatures -- one for the landlord and one for the tenant. Have both parties' signatures notarized so that neither party can deny having signed it.
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