What is a Lease Termination Agreement?

A lease termination agreement is a legal document that outlines the terms and conditions for ending a lease agreement between a landlord and a tenant before the lease's natural expiration date. It is a mutual agreement between the two parties that typically includes provisions for the early termination of the lease, the amount of notice required before vacating the property, any penalties or fees associated with early termination, and the return of any security deposits.