A Lease Release Form is a document used by property owners or tenants to inform the recipient that they have been released from any obligations or liabilities related to the lease agreement.
The lease release form is usually used to end a lease agreement before its actual term. In most cases, the tenant will be required to pay a fee before being released from the lease agreement. This fee is equivalent to one month’s rent. Also, the tenant will be required to vacate the premises once the form has been completed.
A lease release form can be presented in court as proof of release from any obligation or liabilities from the original lease form.
Preparation of a Lease Release Form
A lease release form must contain all important details required to make the form legally valid.
Here are some things that must be covered in the form to ensure that it becomes admissible in court:
Parties’ details and date
The names of the parties, i.e., the property owner and tenant participating in the lease release, should be included in the document. The property owner must date the document, including the day, month, and year of release. Details about the tenant and the property owner, i.e., their complete address, city, county, state, and Zip code, must also be included in the form.
Note: The names of all the tenants who are released from the original lease agreement must be included in the lease release form to ensure that all parties are formally released from their obligations to the original lease agreement.
Details from the original lease agreement
The next item that must be included in the lease release form is important details from the original lease agreement.
Some of the details to be captured in this section include:
Original lease date
The exact date on which the original lease agreement was created, i.e., the date of signing the document or the effective date of the original lease agreement, should be transcribed from the original lease document to this one. A copy of the original lease agreement should also be attached to the lease release form.
Details about the original lease agreement, including its name, location, room number, etc., should also be included in the form.
Release payment details
Often, a lease release can offset the property owner’s finances. To ensure that their finances are not negatively affected by releasing the tenant, they may require that the tenant pay a specific amount, usually the equivalent of one month’s rent.
Consideration for such release of payments is usually included in the lease release form. In addition, the amount to be paid by the tenant for terminating their current lease midway should be mentioned in the release form to ensure that both parties are on the same page.
The exact date on which the tenant will be required to move out and remove all their personal belongings from the premises should be included in the release form. Consequently, all items that they will be required to return to the property owner, such as keys, an original copy of the lease agreement, and any other important items, should be included in the form.
Additionally, the tenant should provide their forwarding address, should the property owner have any document or official correspondence that they would like to communicate. The new mailing address is important since the tenant will most likely not be residing in the same premises or be leasing the premises listed in their original lease agreement. Should any mails be delivered to their old address, they may be forwarded to their new address.
Both parties must sign and date the release form as it is a legally enforceable document in a court of law for or against both parties. They must provide their print names, signatures, and dates of signing the release form. Once both parties sign, neither party will be tied to fulfilling the original lease agreement requirements, and the agreement shall be deemed terminated.
A lease release form is an important document as it helps release either party from obligations included in the original lease agreement. Since a lease release form is admissible in a court of law for or against either party, it should contain all the key elements to ensure its legality.
Both parties should also sign and date the document, and a copy of the form must be given to either party for their records.