Document background
The Lease Termination Contract is a crucial legal document used in Canadian property management when either party wishes to end a lease agreement, whether before its natural conclusion or at the end of its term. This document is essential for protecting both landlord and tenant interests by clearly documenting the agreed-upon terms of lease termination, including move-out dates, final payments, and property condition requirements. It must comply with provincial residential tenancy laws and can be used for both residential and commercial properties. The agreement typically includes provisions for security deposit return, final utility payments, property inspection procedures, and mutual release of future obligations. This document is particularly important in situations involving early termination, helping prevent future disputes and ensuring a smooth transition of property possession.
