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A lease termination letter is essential in residential rental agreements to inform the other party that a lease is ending or will not be renewed, especially if it is ending earlier than expected. Before writing one, determine the type of lease and its current duration by reviewing the signed lease agreement. For landlords, early lease termination can lead to eviction, which involves different regulations across states regarding termination conditions and tenant notice periods. It's important to consult state-specific rental agreement guidelines for accurate information on the process and requirements for lease termination.