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Release Of Lease Agreement Template for Australia

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Key Requirements PROMPT example:

Release Of Lease Agreement

"I need a Release of Lease Agreement for my retail shop in Sydney CBD, where both my tenant and I have agreed to terminate the lease early on March 1, 2025, due to their business relocation, with specific provisions for the removal of custom-built shop fittings."

Document background
The Release of Lease Agreement is a crucial document used when parties wish to formally terminate their lease arrangement before the originally agreed end date. It's commonly used in Australian jurisdictions when both landlord and tenant mutually agree to end their lease obligations early, or when circumstances necessitate an early termination that both parties accept. This document addresses key aspects such as the final settlement of accounts, property condition requirements, and the release of any securities or guarantees. It's essential for risk management and provides legal certainty by clearly documenting the terms of lease termination, preventing future disputes. The agreement must comply with relevant state and federal legislation, including property law, consumer protection, and specific leasing regulations. It's particularly important in commercial, retail, and residential contexts where formal documentation of the lease termination is required for legal and record-keeping purposes.
Suggested Sections

1. Parties: Identifies and defines the Landlord/Lessor and Tenant/Lessee with their full legal names and addresses

2. Background: Recitals describing the existing lease agreement, its key terms, and the parties' intention to terminate it

3. Definitions: Defines key terms used throughout the agreement including 'Lease', 'Premises', 'Release Date', and 'Outstanding Obligations'

4. Release Date: Specifies the effective date of the lease termination and release

5. Mutual Release: Core provision where parties agree to release each other from future obligations under the lease

6. Settlement of Accounts: Details the final settlement of rent, utilities, security deposit, and other financial matters

7. Condition of Premises: Addresses the state of the premises upon surrender and any make-good obligations

8. Representations and Warranties: Statements by both parties confirming their authority to enter into the release agreement

9. Governing Law: Specifies that Australian law governs the agreement

10. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Surviving Obligations: Lists any obligations that will continue after the release, such as confidentiality - include when there are specific terms that should survive

2. Third Party Consents: Required when the release needs approval from mortgagees, guarantors, or other third parties

3. Insurance Claims: Include when there are pending insurance claims or potential claims that need to be addressed

4. Assignment of Rights: Include when either party needs to transfer any rights or obligations to third parties

5. Dispute Resolution: Include when parties want specific procedures for resolving future disputes

6. Confidentiality: Include when parties want to keep the terms of the release private

7. Return of Keys and Access Devices: Include for commercial properties or when there are special access devices to be returned

8. Outstanding Works: Include when there are incomplete repairs, renovations, or improvements that need to be addressed

Suggested Schedules

1. Schedule 1 - Original Lease Details: Copy or summary of key details from the original lease agreement

2. Schedule 2 - Settlement Calculations: Detailed breakdown of all financial settlements including rent, utilities, and security deposit

3. Schedule 3 - Inventory of Fixtures and Fittings: List of items being returned or retained, with their condition noted

4. Schedule 4 - Premises Condition Report: Current condition of the premises compared to initial condition

5. Appendix A - Required Notices: Copies of any statutory notices or third-party consents

6. Appendix B - Evidence of Compliance: Documentation showing compliance with make-good obligations or other requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































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Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Residential Property

Healthcare

Education

Hospitality

Manufacturing

Professional Services

Warehouse and Logistics

Agricultural

Relevant Teams

Legal

Property Management

Operations

Facilities

Contract Administration

Risk and Compliance

Real Estate

Asset Management

Leasing

Finance

Administration

Relevant Roles

Property Manager

Lease Administrator

Legal Counsel

Real Estate Agent

Facility Manager

Asset Manager

Property Officer

Tenancy Coordinator

Contract Manager

Operations Manager

Commercial Manager

Business Owner

Company Director

Compliance Officer

Risk Manager

Portfolio Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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