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Lease Termination Agreement for Canada

Lease Termination Agreement Template for Canada

A legally binding document governed by Canadian provincial/territorial law that formally terminates an existing lease agreement between a landlord and tenant before its original end date. The agreement outlines the mutually agreed termination date, conditions for ending the lease, financial settlements including security deposit handling, final utility payments, and property condition requirements. It ensures compliance with provincial residential tenancy laws or commercial property regulations while providing legal protection for both parties by clearly defining their rights, obligations, and releases from future lease commitments.

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What is a Lease Termination Agreement?

The Lease Termination Agreement is a crucial document used in Canadian property law when both parties agree to end a lease before its natural expiration. It's essential for both residential and commercial properties across all Canadian provinces and territories, with specific provisions varying by jurisdiction. This agreement protects both landlords and tenants by clearly documenting the terms of early lease termination, including the termination date, financial settlements, property condition requirements, and mutual releases. It's particularly important in situations involving early lease termination by mutual consent, tenant relocation, property sale, or significant changes in circumstances for either party. The document must comply with provincial/territorial tenancy laws and should be customized based on whether it's for residential or commercial property.

What sections should be included in a Lease Termination Agreement?

1. Parties: Identification of the landlord and tenant(s), including full legal names and addresses

2. Background: Reference to the original lease agreement, its date, and property address

3. Definitions: Key terms used in the agreement including 'Termination Date', 'Security Deposit', 'Property', etc.

4. Termination Agreement: Mutual agreement to terminate the lease and specification of the termination date

5. Security Deposit: Terms for the return of the security deposit, including timeline and any deductions

6. Final Payments: Details of any final rent payments, utilities, or other financial settlements

7. Property Inspection: Requirements for final inspection and property condition assessment

8. Vacant Possession: Tenant's obligation to remove all belongings and return keys

9. Release of Obligations: Mutual release from future lease obligations, subject to terms of the termination agreement

10. Governing Law: Specification that the agreement is governed by relevant provincial/territorial law

11. Execution: Signature blocks and date of agreement

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

1. Outstanding Repairs: Details of any repairs required before termination, used when property damage exists

2. Forwarding Address: Tenant's new address for future correspondence, used when ongoing communication may be needed

3. Holdover Provisions: Penalties for failing to vacate by the termination date, used in high-risk situations

4. Personal Property: Handling of any abandoned property, used when risk of abandonment exists

5. Confidentiality: Terms keeping the agreement details private, used in sensitive situations

6. Utilities Transfer: Process for transferring or terminating utility accounts, used when utilities are in tenant's name

What schedules should be included in a Lease Termination Agreement?

1. Schedule A - Property Condition Report: Detailed documentation of property condition at termination

2. Schedule B - Financial Settlement Statement: Breakdown of all financial settlements including rent, utilities, and security deposit

3. Schedule C - Inspection Checklist: Checklist for final property inspection

4. Schedule D - Original Lease Agreement: Copy of the original lease being terminated

5. Schedule E - Photos: Photographic evidence of property condition at termination

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

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions

























Clauses




























Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Retail

Office Space

Industrial

Healthcare

Education

Hospitality

Manufacturing

Warehousing

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Operations

Facilities

Asset Management

Tenant Relations

Compliance

Contract Administration

Risk Management

Relevant Roles

Property Manager

Real Estate Manager

Leasing Agent

Legal Counsel

Real Estate Attorney

Tenant Relations Manager

Facilities Manager

Asset Manager

Real Estate Administrator

Operations Manager

Contract Administrator

Compliance Officer

Property Administrator

Real Estate Director

Lease Administrator

Industries







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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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