What is surrender?
In real estate, surrender refers to the termination of a lease agreement, in the form of a Deed of Surrender.
A Deed of Surrender can be used to terminate a lease on a property (the tenant surrenders the space) and/or to relieve tenants of their lease obligations (the landlord surrenders claims). Much like a leasing contract, the deed of surrender outlines each party’s rights and duties (or lack of) towards the other party.
For example, the deed of surrender can state the condition in which the tenant is expected to leave the property, states if a tenant has fulfilled any and all financial obligations, confirms if the landlord has returned the tenant’s deposit, etc.
This document is signed by both parties, as well as a witness (for example, a notary public)
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