The Release Of Lease Agreement is utilized when both landlord and tenant mutually agree to terminate their lease arrangement prior to its scheduled end date. This document is essential in the United States real estate market to protect both parties' interests and provide legal certainty when ending a lease early. It typically includes provisions for the return of security deposits, final utility payments, property inspection requirements, and mutual releases from future claims. The agreement must conform to state-specific property laws and local regulations, and may be required for various situations such as tenant relocation, property sale, or other mutually agreed circumstances.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement and circumstances leading to release
3. Definitions: Key terms used in the agreement
4. Release Terms: Specific conditions of the lease termination
5. Security Deposit: Arrangements for return or withholding of security deposit
6. Mutual Release: Statement releasing both parties from future obligations
7. Governing Law: Jurisdiction governing the agreement
8. Signatures: Execution block for all parties
1. Property Inspection: Details of final property inspection and condition assessment
2. Outstanding Payments: Details of any remaining financial obligations including rent or utilities
3. Key Return: Confirmation of key return and property access arrangements
4. Personal Property: Arrangements for handling any remaining tenant property at the premises
1. Original Lease Agreement: Copy of the original lease being terminated
2. Property Inspection Report: Documentation of property condition at release
3. Settlement Statement: Detailed breakdown of any financial settlements
4. Photo Documentation: Pictures of property condition if relevant
Relevant legal definitions
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