When it comes to renting a property, the lease agreement is a document that outlines the terms and conditions of the lease between the tenant and the landlord. However, circumstances may arise where the tenant may need to surrender the lease or cancel the rental agreement. As a tenant, it is essential to understand the process and the implications of such actions.
What is a surrender of lease?
A surrender of lease means giving up the tenancy before the lease agreement`s end date. This can be done by mutual agreement between the tenant and the landlord. The tenant must give written notice to the landlord of their intention to surrender the lease. The landlord can then accept or reject the notice.
If the landlord accepts the notice of surrender of lease, they may require the tenant to pay rent until a new tenant takes over the property or until the end of the lease term, whichever comes first. The landlord may also require the tenant to pay any rent arrears or damages caused by the tenant before they move out.
What is a rental agreement cancellation?
A rental agreement cancellation is when the tenant terminates the rental agreement before the lease term`s end date without the landlord`s agreement. This is sometimes referred to as breaking the lease. The tenant must give written notice to the landlord of their intention to terminate the rental agreement.
If the tenant cancels the rental agreement before the lease end date without the landlord`s approval, the tenant may be liable for damages to the landlord. The damages may include unpaid rent, re-letting fees, and advertising fees.
There are some situations where a tenant can cancel the rental agreement without penalty, such as a change in health or an unlivable condition that the landlord fails to address within a reasonable time frame. However, the tenant must still give written notice to the landlord.
What are the implications of surrendering a lease or cancelling a rental agreement?
Surrendering a lease or cancelling a rental agreement may have legal and financial implications. The tenant must carefully review the lease agreement to understand their obligations and the consequences of breaking the lease or surrendering the lease.
If the tenant breaks the lease or surrenders the lease, it may affect their ability to rent in the future. Landlords may conduct background checks on prospective tenants, and a history of breaking leases or surrendering leases may make it difficult for the tenant to find a new rental property.
Surrendering a lease or cancelling a rental agreement is a serious decision that should not be taken lightly. As a tenant, it is essential to understand the lease agreement`s terms and conditions and the consequences of breaking the lease or surrendering the lease. If a tenant is unsure of their legal obligations, they should seek legal advice before taking any action. Remember, surrendering a lease or cancelling a rental agreement may have lasting legal and financial implications.