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Termination Of Residential Lease Agreement for Nigeria

Termination Of Residential Lease Agreement Template for Nigeria

A legally binding document governed by Nigerian law that formally terminates an existing residential lease agreement between a landlord and tenant. This agreement outlines the terms and conditions for ending the tenancy, including the termination date, property handover procedures, financial settlements, and mutual release of obligations. The document complies with Nigerian federal property laws, including the Recovery of Premises Act, and relevant state-specific tenancy regulations, ensuring proper documentation of the lease termination process and protecting the interests of all parties involved.

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What is a Termination Of Residential Lease Agreement?

The Termination of Residential Lease Agreement is essential in the Nigerian real estate market for formally concluding residential tenancy arrangements. This document is typically used when both parties mutually agree to end a lease before its natural expiration, or when the lease reaches its intended end date. It incorporates crucial elements required by Nigerian property law, including proper notice periods, property inspection requirements, and financial settlement terms. The agreement ensures compliance with the Recovery of Premises Act and state-specific tenancy laws, providing legal protection for both landlords and tenants. It details the process for property handover, security deposit return, utility settlements, and mutual release from lease obligations, serving as a comprehensive record of the termination terms and protecting all parties from future disputes.

What sections should be included in a Termination Of Residential Lease Agreement?

1. Parties: Identification of the Landlord and Tenant, including full legal names, addresses, and contact information

2. Background: Reference to the original lease agreement, including its date, property description, and current rental terms

3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Property', 'Original Lease', etc.

4. Termination Details: Specific date of termination, reason for termination if applicable, and confirmation of mutual agreement to terminate

5. Property Inspection and Handover: Requirements for property inspection, condition assessment, and the process for returning keys and possession

6. Financial Settlement: Details of final rent payment, security deposit return, and settlement of any outstanding utilities or charges

7. Release and Discharge: Mutual release from obligations under the original lease agreement post-termination

8. Governing Law: Confirmation that the agreement is governed by Nigerian law and specific state jurisdiction

9. Execution: Signature blocks for all parties and witnesses as required under Nigerian law

What sections are optional to include in a Termination Of Residential Lease Agreement?

1. Early Termination Penalties: Include when the termination occurs before the original lease end date, specifying any applicable penalties or compensation

2. Maintenance and Repairs: Include when specific repairs or maintenance work needs to be completed before termination

3. Forwarding Address: Include when the tenant needs to provide a forwarding address for future correspondence or deposit return

4. Abandoned Property: Include when there's a need to address the handling of any property left behind by the tenant

5. Utilities Transfer: Include when there are specific requirements for transferring or disconnecting utilities

6. Reference Provision: Include when the tenant requests or the landlord agrees to provide a reference for future tenancies

What schedules should be included in a Termination Of Residential Lease Agreement?

1. Schedule 1 - Property Inventory: Detailed list of property condition and inventory at the time of termination

2. Schedule 2 - Financial Statement: Breakdown of all financial settlements, including rent, deposits, and any deductions

3. Schedule 3 - Handover Checklist: Checklist of items to be completed before final handover of the property

4. Appendix A - Original Lease Agreement: Copy of the original lease agreement for reference

5. Appendix B - Property Inspection Report: Final inspection report with photographs and condition assessment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions




























Clauses



























Relevant Industries

Real Estate

Property Management

Legal Services

Housing

Residential Property

Property Development

Property Investment

Relevant Teams

Legal

Real Estate Operations

Property Management

Leasing

Compliance

Housing Administration

Asset Management

Tenant Relations

Documentation

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Administrator

Leasing Manager

Housing Officer

Estate Manager

Tenant Relations Manager

Property Operations Manager

Compliance Officer

Real Estate Paralegal

Property Portfolio Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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