The Early Lease Termination Agreement is a crucial document used in the Saudi Arabian real estate market when parties wish to formally end a lease agreement before its natural expiration. This document becomes necessary when both landlord and tenant mutually agree to terminate their lease obligations early, whether due to business circumstances, relocation needs, or other valid reasons. The agreement must comply with the Saudi Tenancy Law (2020) and Sharia principles, addressing key aspects such as termination dates, financial settlements, property restoration requirements, and utility arrangements. It serves as a protective measure for both parties by clearly documenting the terms of separation and preventing future disputes. The document is particularly relevant in today's dynamic market where flexibility in lease arrangements has become increasingly important for both commercial and residential properties.
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1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and national ID/registration numbers
2. Background: Brief overview of the existing lease agreement, including its date, property details, and the parties' desire to terminate early
3. Definitions: Key terms used in the agreement, including 'Lease Agreement', 'Property', 'Termination Date', and 'Settlement Amount'
4. Early Termination: Specific terms of the early termination, including the agreed termination date and confirmation of mutual consent
5. Financial Settlement: Details of any financial settlements, including remaining rent, return of security deposit, and any agreed compensation
6. Property Handover: Terms and conditions for returning the property, including inspection requirements and condition standards
7. Release and Waiver: Mutual release of claims and obligations related to the lease agreement post-termination
8. Governing Law: Confirmation that the agreement is governed by Saudi law and Sharia principles
9. Execution: Signature blocks and execution requirements in accordance with Saudi law
1. Outstanding Utilities: Include when there are pending utility bills or transferring utility accounts
2. Maintenance Issues: Include when there are unresolved maintenance or repair issues to be addressed
3. Third Party Notifications: Include when notifications to building management, insurance companies, or other relevant parties are required
4. Property Modifications: Include when the tenant has made modifications that need to be addressed
5. Furniture and Fixtures: Include when dealing with furnished properties or tenant-installed fixtures
1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being terminated
2. Schedule 2 - Property Inventory: Current inventory and condition report of the property
3. Schedule 3 - Settlement Calculation: Detailed calculation of all financial settlements, including rent, deposits, and adjustments
4. Schedule 4 - Handover Checklist: Checklist for property inspection and handover requirements
5. Schedule 5 - Required Notifications: Template notifications to relevant third parties regarding the termination
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Real Estate
Residential Property
Commercial Property
Retail
Hospitality
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Healthcare
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Relevant Teams
Legal
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Facilities Management
Operations
Property Management
Asset Management
Compliance
Corporate Services
Contract Administration
Risk Management
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Lease Administrator
Asset Manager
Operations Manager
Real Estate Director
Compliance Officer
Corporate Services Manager
Tenant Relations Manager
Property Services Coordinator
Real Estate Attorney
Contract Manager
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