Mutual Lease Termination Agreement in a Nutshell
Lease agreements are binding legal documents that both landlord and tenant need to respect. But what happens if the involved parties want to terminate the lease consensually? This delicate situation calls for a mutual lease termination agreement.
If you want to learn more about this contract, DoNotPay is at your disposal! We will also show you how to create a top-notch mutual lease termination agreement without hassle!
What Is a Mutual Lease Termination Agreement?
A landlord and tenant can decide to terminate a lease agreement at any point. One way to do it is to sign a mutual lease termination agreement. This contract is the result of negotiations between both parties and should protect their respective interests. Before creating and signing a mutual lease termination contract, the concerned parties must agree on the terms of ending the lease.
What Are the Most Common Reasons for an Early Termination?
People often have to terminate a lease early because their circumstances change. Here are the most common reasons landlords and tenants decide to take separate ways before the lease expiration date:
|Reasons for Terminating a Lease Early|
The Benefits of Creating a Mutual Lease Termination Agreement
A mutual lease termination agreement can be beneficial for the landlord and tenant, as described in the table below:
Creating a Mutual Lease Agreement
|Cause||Benefits for the Landlord||Benefits for the Tenant|
|Tenant facing eviction||
|Tenant moving out before the end date||
Key Elements of a Mutual Lease Termination Agreement
While every contract is unique, they must all have a specific structure. After including the required sections, you have to adjust the contract to both parties’ requirements and particular state laws. Here is what a standard lease termination agreement should include:
- Personal information—The contract should contain full names of involved parties
- Property details—The agreement must include the full address (including city, state, and ZIP code) of the rented property
- Original rental agreement info—The landlord should provide the names and start and end date of the original agreement
- Departure date—The contract must include the tenant’s exact move-out date
- Contact address—Both parties have to provide addresses for receiving the security deposit or future notices
- Termination reasons—The agreement must outline the reasons for terminating the lease
How Can I Create a Mutual Lease Termination Agreement?
You can create a mutual lease termination agreement by:
- Hiring an attorney
- Downloading a contract template
- Writing an agreement yourself
Hire a Lawyer To Draft a Contract
This is one of the most reliable ways to create a mutual lease termination agreement. Lawyers are familiar with the terminology, state laws, and potential legal problems.
Mutual lease termination agreements are sensitive and need to be as precise as possible.
Attorneys ensure the elements in your contract not only correctly describe your intention but are also legally enforceable. The trouble is that not many people can afford a lawyer since their services are pricey.
Download an Online Contract Template
Online contract templates are free and easy to access. They mostly contain all crucial sections of a mutual lease termination agreement. The downside is that they offer general terms and can’t be used in specific situations. If you decide to go for a contract template, make sure to find a professional website and pick the template closest to your requirements.
Create an Agreement Yourself
The cheapest option is to write the contract yourself. You don’t have to use complicated legal terms. Contracts written in simple English are acceptable in court. Before you start writing the agreement, you should establish your conditions and adjust them to your state’s laws.
You may want to consider asking for legal advice after you finish. It will not cost you as much, and you will have confirmation that you created an enforceable document.
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|Business Contracts||Real Estate Legal Documents||Other|
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