Document background
The Termination of Rental Agreement is a crucial document used in the Nigerian real estate sector when either a landlord or tenant wishes to formally end their rental relationship. This document becomes necessary when either party decides to terminate the lease, whether at the end of its term or through mutual agreement during the term. The agreement ensures compliance with Nigerian property laws, including the Recovery of Premises Act and state-specific tenancy laws, while providing a clear framework for the termination process. It addresses key aspects such as notice periods, property condition requirements, financial settlements, and the return of security deposits. The document is particularly important in the Nigerian context where formal documentation of property transactions is essential for legal protection and dispute prevention. It can be used for both residential and commercial properties and should be customized based on the specific state laws where the property is located.
