Residential Lease Termination Agreement

The Residential Lease Termination Agreement does not require notarization. However, notarizing the document ensures that if they end up in court, either party will have a harder time claiming that they never signed the document.

Tenants are usually on the hook for two months’ rent if they decide to get out of a Residential Lease Termination Agreement. It is up to the landlord’s goodwill to decrease the amount.

The reasons are various. A tenant may have to move to another city or state. They may have developed a debilitating medical condition. If the place was rented together with a friend or partner, a falling out may give rise to a need to cancel the lease. In general, if a tenant is unable to fulfill their tenant obligations for any reason, he or she can attempt to get the lease terminated.

While both the tenant and the landlord must agree to it, neither is obligated to agree to early termination. This is especially in the case of the landlord, who will be faced with the prospect of a vacant non-generating property, and therefore, may need a compelling reason to go ahead.

On the part of the tenant, this document allows the tenant to leave scot-free the premises before the lease expires. If not free, the tenant may be able to negotiate to pay less. As for the landlord, they may be entitled to two months’ worth of rent in advance, which can tide them over as they look for a new tenant.