Early Termination Forms for Lease Forms And Agreements

Published: 05th January 2010
Views: N/A

In the leasing business it cannot be avoided that there are tenants will request for an early termination. In common reason reasons such as; bankruptcies, moving in into own business premises and the need of bigger space. The landlord can uphold such situation however the landlord needs to agree but can charge to the tenant the remaining time for occupancy. The early termination form document must be observed carefully by the tenant before submitting it to the landlord. And need to understand the following components;

1. Reason for early termination. In the event of early termination the tenant must provide concrete reason to the landlord in order not to get penalize by the remaining month or year on the lease contract. Moving in to newly built own business premises or the need of bigger space are the acceptable reasons to the landlord. The tenant cannot just say I want to quit the contract without any reason at all. The reason of bankruptcy is always honored by the landlord and do not collect the remaining month of rents. On the day of termination the tenant must surrender all the keys, passcodes and other utilities provided by the landlord. And all the equipment, furniture, machinery and tools that are owned by the tenant must be removed from the premises. Upon filing of early termination the tenant must have understood and realized that he will forfeit the security deposit and the maintenance of utilities from wear and tear must be done.

2. Performance. The tenant needs to give at least 30 days' notice to the landlord before the termination date. And if the date of termination is on the end of the month but the rental start on the middle of the month the rent must be calculated on the daily basis until the termination date.

3. Release. Upon satisfaction by the tenant and the landlord release of the termination is carefully observed. Indemnification claims is not honored in filing early termination. The tenant must have known and consider the consequences on his action upon filing and requesting for lease termination. Business loss is not liable to the landlord instead the tenant must be responsible from his action and shall not raise silly claims on indemnification.

4. Final Agreement. When all of the concern issues are solve and done the termination of lease contract must be signed by both parties denoting that they honored and respect the document. Formality on forms terminations of a lease agreement contract states that the termination document must be signed and hand sealed by notary lawyer.

5. Lawyer's fee. Since the tenant asks for this termination he is the one liable to pay the lawyer's fee to complete the lease agreement termination process. Before parting each other and final signing both parties must ensure that there are no issues left unsolved.

Report this article Ask About This Article

More to Explore