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Video Guide on Business Lease Termination management

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Commonly Asked Questions about Business Lease Termination

Your Lease Agreement is Key Read your Early Termination Clause: Most leases include a section outlining the terms for breaking your lease early. This is where youll find information about: Required notice period (often 30-60 days) Lease-breaking fees (typically 1-2 months rent)
A break clause can be included in a fixed-term commercial lease allowing either the tenant or landlord to bring the lease to an end early. The terms of the break clause and who can exercise it will depend on negotiations at the Heads of Terms stage.
Reviewing the lease terms for early termination clauses, proving a bdocHub of contract by the landlord, or negotiating with the landlord can provide solutions. An early exit strategy might involve finding a new tenant to take over the remainder of the lease or negotiating a settlement.
A commercial lease termination letter typically includes the following information: Date of planned property vacancy. Date of key surrender. Request for inspection. New business address. Contact information for a business representative. Reasoning behind the early termination.
I am the tenant at the above address and I am writing to give you [insert number of days/weeks notice required by your tenancy agreement] notice that I wish to end my tenancy. The last day of my tenancy will therefore be [Insert last day of tenancy]. Please contact me if you would like to discuss this.
I will move out and terminate my lease for the property located at [rental address, including apartment number if applicable] on [move out date]. I am leaving because [relocation, rent increase, etc.] (Note: even if youre moving out because theres something wrong with your rental, be courteous, especially in writing.
Dear [Landlord], This letter is my written notice of termination of my current lease agreement. This letter meets the [number of days] notice requirement per the lease. As stated in the lease, the end date of this lease agreement is [month, day, year].
This Section 27(2) Notice to End a Commercial Lease is a formal notice for a tenant to serve on its landlord if the tenant does not wish to renew a lease that either is about to expire or has expired.