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An Elise release form, or lease termination letter, officially releases a tenant from their rental agreement with the landlord. It's primarily used for month-to-month leases. The video explains the process of terminating a lease, noting that it's usually simpler for month-to-month agreements compared to long-term ones. It's crucial for both parties to discuss the reasons for termination before issuing formal notices. Once the reason is clear, the landlord can provide a lease release form or a notice to quit. A notice to quit differs from a lease release form in that it allows tenants a chance to resolve any lease violations before termination occurs.