The Release Of Rental Agreement Form is a crucial document in Canadian rental property management, used when both landlord and tenant mutually agree to terminate a lease before its scheduled end date. This document is essential in situations such as tenant relocation, property sale, or other circumstances requiring early lease termination. It must comply with specific provincial residential tenancy laws, which vary across Canadian jurisdictions. The form typically includes detailed information about the property, original lease terms, termination date, security deposit settlement, property condition, and mutual releases. It serves as legal protection for all parties by clearly documenting the agreed-upon terms of lease termination and ensuring all obligations are properly addressed and concluded.
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1. Parties: Identification of the landlord/property manager and tenant(s), including full legal names and current contact information
2. Background: Details of the original rental agreement, including property address, original lease date, and current rental terms
3. Definitions: Key terms used in the agreement, including 'Premises', 'Original Lease', 'Release Date', and 'Security Deposit'
4. Termination Agreement: Mutual agreement to terminate the lease, specifying the effective date of termination
5. Property Inspection: Acknowledgment of property condition and agreement on any damage assessments
6. Security Deposit Settlement: Terms for the return or withholding of security deposit, including timeline and amount
7. Outstanding Obligations: Statement regarding any remaining rent, utilities, or other financial obligations
8. Mutual Release: Mutual release of future claims related to the tenancy
9. Return of Keys: Agreement regarding the return of all keys and access devices
10. Governing Law: Specification of the applicable provincial law governing the agreement
11. Execution: Signature blocks for all parties and date of execution
1. Forwarding Address: Section for tenant's new address for future correspondence and deposit return, optional if immediate settlement
2. Personal Property: Provisions regarding abandonment or removal of tenant's remaining personal property, needed if items remain
3. Early Termination Fee: Details of any agreed-upon fee for early termination, if applicable
4. Reference Agreement: Terms regarding future rental references, if agreed upon
5. Confidentiality: Provisions for keeping the terms of the release confidential, if requested
6. Maintenance Issues: Documentation of any ongoing maintenance issues and their resolution, if applicable
7. Sublease Provisions: Required if there was an active sublease arrangement being terminated
1. Schedule A - Property Inspection Report: Detailed inspection report documenting the condition of the property at termination
2. Schedule B - Security Deposit Calculation: Itemized list of any deductions from security deposit
3. Schedule C - Utility Account Information: List of utility accounts and their status
4. Appendix 1 - Photo Documentation: Photos of property condition, if included
5. Appendix 2 - Outstanding Payments Record: Detailed record of any outstanding payments or credits
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