The Termination of Rental Agreement is a crucial document used in the Nigerian real estate sector when either a landlord or tenant wishes to formally end their rental relationship. This document becomes necessary when either party decides to terminate the lease, whether at the end of its term or through mutual agreement during the term. The agreement ensures compliance with Nigerian property laws, including the Recovery of Premises Act and state-specific tenancy laws, while providing a clear framework for the termination process. It addresses key aspects such as notice periods, property condition requirements, financial settlements, and the return of security deposits. The document is particularly important in the Nigerian context where formal documentation of property transactions is essential for legal protection and dispute prevention. It can be used for both residential and commercial properties and should be customized based on the specific state laws where the property is located.
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1. Parties: Identification of the Landlord and Tenant with full legal names and addresses
2. Background: Brief description of the existing rental agreement, including its date, property address, and reason for termination
3. Definitions: Definitions of key terms used in the agreement
4. Termination Date: Specific date when the tenancy will end and confirmation of notice period compliance
5. Property Vacation: Tenant's obligations regarding vacating the property and returning keys
6. Property Condition: Requirements for the condition in which the property must be returned
7. Financial Settlement: Settlement of rent, utilities, and other financial obligations
8. Security Deposit: Terms for the return or deduction from the security deposit
9. Release of Obligations: Mutual release of future obligations under the original rental agreement
10. Governing Law: Confirmation that the agreement is governed by Nigerian law
11. Signatures: Space for parties to sign and date the agreement
1. Outstanding Repairs: Details of any repairs required or in progress, used when there are unresolved maintenance issues
2. Forwarding Address: Tenant's new address for future correspondence, included when ongoing communication is needed
3. Dispute Resolution: Procedure for resolving any disputes that may arise, included in complex terminations
4. Third Party Rights: Rights of guarantors or other involved parties, included when third parties are involved in the tenancy
5. Surviving Obligations: Any obligations that continue after termination, included when specific obligations need to survive
1. Schedule 1 - Property Inventory: Detailed list of property condition and contents at termination
2. Schedule 2 - Financial Statement: Breakdown of all financial settlements, including rent, deposits, and deductions
3. Schedule 3 - Utility Readings: Final utility meter readings and payment status
4. Appendix A - Photographic Evidence: Photos documenting the property's condition at termination
5. Appendix B - Original Rental Agreement: Copy of the original rental agreement being terminated
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