This mutual termination of the lease will be used if both parties agree to release themselves from the lease before the actual end date. The landlord and tenant can agree to terminate the lease at any time. This Agreement is referred to as mutual termination. Mutual termination is a negotiated agreement and can terminate the lease on terms acceptable to both parties. Neither party is required to agree to an amicable termination. The conditions for consensual termination should benefit both parties. Mutual termination should at least set the moving date, determine what happens to the deposit, and determine the amount and payment of money owed to one party by the other. For an example of the mutual termination form, click here. Consensual termination can also be valuable to the tenant if they wish to move during the rental period. In this situation, mutual termination provides security in an otherwise uncertain situation – it gives a fixed moving date, a smooth return of the property to the landlord, and determines whether the tenant owes the landlord money for leaving the lease earlier and should establish a payment plan for the money owed. For more information about a tenant`s previous declaration, see Breaking a lease. Given the eviction, mutual termination can be helpful for both the landlord and tenant. For the tenant, mutual termination gives a fixed moving day, avoids eviction in the tenant`s rental history, and can maintain eligibility for certain rent subsidies.
For the landlord, mutual termination indicates a fixed date for the seizure, which can be faster than the eviction process and can save them the cost of filing the eviction and hiring a lawyer. More than 2.3 million property owners and managers trust us. .