Deed of Surrender of Lease
New. A lease is a right of exclusive occupancy of another's land, for a defined period. The landowner, the "landlord" sells its right of occupancy to the "tenant" in consideration for a fee, usually regular payments of rent. When the parties enter the original lease, a term of the lease is normally defined, and the tenant is normally obliged to pay rent for that entire period.
Sometimes the landlord will want the tenant to leave before the term is up. This Deed is an Agreement that the tenant surrender the lease, in return for a payment from the landlord for doing so, in the States/Territories of NSW, Victoria, South Australia, Western Australia, Northern Territory and the ACT.
Sometimes however the tenant will pay for the privilege of quitting early. In this situation, the template should be amended so that the fee for the early surrender of the lease is paid by the tenant to the landlord.
In either case the Deed should spell out the entire agreement of the parties, including the agreed obligations of who will remove tenant's fixtures, who will pay water rates for what period, and so on. (L-9985)
