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A Tenancy Surrender Agreement becomes necessary when both landlord and tenant mutually agree to terminate a lease before its scheduled end date. This document is crucial in Singapore's property market where early termination needs to be properly documented to protect both parties' interests. The agreement typically includes details about the surrender date, security deposit refund, outstanding payments, property condition requirements, and mutual releases. It ensures compliance with Singapore property laws and provides clear documentation for tax and legal purposes. This type of agreement is particularly important in Singapore's dynamic property market where both residential and commercial tenancies may need to be terminated early for various reasons.
