Are you living in a rented space? Do you have a fixed lease agreement? However, do you want to terminate the lease without waiting for its fixed term? Can you do so? Well, it depends on your lease agreement.
To know more about a lease termination agreement, read on!
What Is a Lease Termination Letter?
A lease termination letter is a notice that specifies the terms of ending the lease. It mentions if a lease can end early i.e., before the term's expiration, or if the expiring lease can be renewed or not.
A lease termination letter is known by different names like notice of lease termination, a notice of end tenancy, end of lease letter, release of the lease agreement, early lease termination letter, and so on.
What Is a Lease Termination Letter Used for?
A lease termination letter can be used by both a tenant and the landlord. It is generally used either when the tenant wants to end the lease before its termination period or when the landlord wants the tenant to end it for some reason.
The reasons a tenant would use an end of lease letter could be:
- When moving out for a new job or getting married
- When the space isn’t sufficient enough to allow for pets and children
- When the tenant is providing no maintenance to the house
- When the premise has become too unsafe
- When the tenant has to leave for military services etc.
The reasons a landlord would use a rental termination letter could be:
- When he wants to sell the property completely
- When the landlord is looking forward to renovating the premises
- When the property is taken under public use
- When the tenants are drug addicts and create havoc
- The place has been destroyed by flood or earthquake
Elements of a Lease Termination Letter
There is certain necessary information that should be a part of a lease termination letter. A lease termination letter should be precise, on point, and written in a formal setting.
The elements of a lease termination letter include:
- The names of the tenant and landlord
- The address of the landlord’s place
- The date of writing the letter
- Information of breaking the lease in between with valid reasons
- The name of the building or apartment you are vacating
- The date on which the place would be vacated
- Mentioning the amount of penalty if the lease is broken within an expiration (as per landlord’s wish)
- Acknowledgment of penalty to be paid by the tenant if the situation arises
- The date when the landlord will inspect the place upon leaving
- The new address of the tenant and phone number
- Reminding the landlord to give back the security deposit (if not)
- Terms of cleaning the apartment and returning the keys before vacating
- In the end, the name and signature of the tenant
Keep an extra copy of the lease termination letter with you and give one to the landlord. Don’t vacant it before the landlord has acknowledged the lease termination letter. Failing to do so, the landlord may sue you for not providing proper notice early and could charge you the rent for a month or so.
Consequences of Not Using a Lease Termination Letter
Leaving the place without using a lease termination letter may get you in trouble. In this situation, even the court will not take your side. The law doesn’t favor those tenants who move out without proper notice or landlords who ask tenants to leave their houses without any warning.
Tenants, before leaving, should hold a proper conversation with the landlord and provide a hint about the lease termination well before time. They should provide the reason for their departure so that the landlord can act upon it accordingly. The tenants can also place the offer to sublet the place if the landlord permits.
- Not entitled to security deposit anymore
- May have to pay the amount of the remaining period of lease
- The landlord can sue him for money owed
- Could lead to bad credit if evicted by the judge
- Contributes to the poor rental history on rental application
- Tenant wanting to get the security deposit back
- You may be evicted for not providing a proper liveable atmosphere
- Loss of time in attending court proceedings
- Had to find and hire an attorney to prove your side
- Get sued by a tenant for various reasons
If you are looking for well-formulated lease termination letter templates, CocoDoc has got you covered. Download now.