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Termination Of Rental Lease Agreement for Nigeria

Termination Of Rental Lease Agreement Template for Nigeria

This document is a legally binding agreement used in Nigeria to formally terminate an existing rental lease agreement between a landlord and tenant before its original end date or at its natural conclusion. It complies with Nigerian property law, particularly the Recovery of Premises Act and relevant state Tenancy Laws, and includes essential provisions for property handover, security deposit settlement, and mutual release of obligations. The agreement ensures both parties' rights are protected under Nigerian law while providing a clear framework for the orderly conclusion of the tenancy relationship.

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Termination Of Rental Lease Agreement

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What is a Termination Of Rental Lease Agreement?

The Termination Of Rental Lease Agreement is a crucial document used in Nigerian property law when parties wish to formally end their landlord-tenant relationship. It is used either when both parties mutually agree to end the lease before its scheduled termination date, or when documenting the formal conclusion of a lease at its natural end. The document must comply with Nigerian federal legislation, particularly the Recovery of Premises Act, as well as relevant state-specific tenancy laws. It includes essential provisions for final property inspection, security deposit handling, settlement of outstanding obligations, and formal handover procedures. This agreement protects both parties' interests by clearly documenting the termination terms and ensuring all legal requirements are met, helping prevent future disputes and providing a clear record of the lease's conclusion.

What sections should be included in a Termination Of Rental Lease Agreement?

1. Parties: Identification of the Landlord and Tenant, including full legal names, addresses, and contact information

2. Background: Reference to the original lease agreement, including its date, property details, and current rental terms

3. Definitions: Definition of key terms used in the agreement including 'Termination Date', 'Security Deposit', 'Property', and 'Original Lease'

4. Mutual Agreement to Terminate: Clear statement of both parties' agreement to terminate the lease and the effective termination date

5. Termination Terms: Specific conditions and requirements for the termination, including notice periods and compliance with local laws

6. Property Inspection and Handover: Requirements for final property inspection, condition assessment, and key return procedures

7. Security Deposit: Terms for the return or deduction from the security deposit, including timeline and conditions

8. Settlement of Accounts: Agreement on final rent payment, utilities, and any other outstanding financial obligations

9. Release of Obligations: Mutual release of future obligations under the original lease agreement

10. Governing Law: Specification that the agreement is governed by Nigerian law and relevant state legislation

11. Execution: Signature blocks for all parties and witnesses as required under Nigerian law

What sections are optional to include in a Termination Of Rental Lease Agreement?

1. Outstanding Repairs: Section detailing any repairs required before termination or agreement on handling existing damage

2. Forwarding Address: Section for tenant's forwarding address for future correspondence and deposit return

3. Utilities Transfer: Procedures for transferring or disconnecting utilities when this needs specific attention

4. Abandoned Property: Provisions for handling any property left behind by the tenant

5. Early Termination Fee: If applicable, details of any early termination fees or penalties

6. Dispute Resolution: Optional clause for handling any disputes that may arise during the termination process

7. Reference Agreement: Optional section regarding landlord's agreement to provide references for the tenant

What schedules should be included in a Termination Of Rental Lease Agreement?

1. Schedule A - Property Details: Detailed description of the rental property including address and any included fixtures/fittings

2. Schedule B - Inspection Report: Final property inspection report documenting the condition at termination

3. Schedule C - Settlement Statement: Detailed breakdown of all financial settlements including rent, deposits, and any deductions

4. Schedule D - Handover Checklist: Checklist of items to be completed/handed over (keys, access cards, etc.)

5. Appendix 1 - Original Lease Reference: Copy or key details of the original lease agreement being terminated

6. Appendix 2 - Photographic Evidence: If applicable, photographs documenting the property's condition at termination

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Cost

Free to use
Relevant legal definitions


























Clauses

























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