Document background
The Release of Lease Agreement is a crucial document in Canadian real estate practice, used when both landlord and tenant mutually agree to terminate their lease arrangement before the originally planned end date. This document is essential in situations such as early tenant relocation, property sale, or other circumstances requiring premature lease termination. It provides legal protection for all parties by clearly documenting the terms of the release, including important details such as the effective termination date, handling of security deposits, property condition requirements, and mutual releases from future claims. The agreement must comply with provincial/territorial legislation governing residential or commercial tenancies, as applicable, and should be carefully drafted to address all relevant aspects of the lease termination to prevent future disputes.
