Release Of Lease Agreement

Release Of Lease Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Release of Lease Agreement for my retail space in Singapore's Orchard Road area, where my tenant has requested early termination due to business closure, with the release date set for March 15, 2025; security deposit to be partially retained for minor repairs."

Document background

The Release Of Lease Agreement is utilized when parties to a lease wish to formally terminate their contractual relationship before the original lease term expires. This document is particularly relevant in Singapore's dynamic property market where business needs and residential circumstances frequently change. It addresses key aspects such as the return of security deposits, settlement of outstanding payments, and property handover procedures, while ensuring compliance with Singapore's property laws and regulations. The agreement provides legal certainty by documenting the mutual agreement to terminate the lease and releasing both parties from future obligations and liabilities under the original lease.

Suggested Sections

1. Parties: Identification of landlord, tenant, and any other relevant parties

2. Background: Details of original lease agreement and circumstances leading to release

3. Definitions: Key terms used throughout the agreement

4. Release Terms: Specific conditions of the lease termination

5. Security Deposit Settlement: Terms for return or forfeit of security deposit

6. Mutual Release: Mutual discharge of obligations and liabilities

7. Execution: Signature blocks and execution details

Optional Sections

1. Property Inspection: Details of final inspection and condition assessment - use when property condition is disputed or needs documentation

2. Outstanding Payments: Settlement of any pending rent or utility payments - use when there are outstanding financial matters

3. Keys and Access Devices: Handling of property access items - use when specific arrangements for return of keys are needed

4. Third Party Rights: Rights of third parties under the agreement - use when third parties have interests in the lease

Suggested Schedules

1. Original Lease Agreement: Copy of the lease being terminated

2. Property Inspection Report: Final condition report of the property

3. Settlement Statement: Detailed breakdown of final payments and refunds

4. Handover Checklist: List of items to be returned or checked during handover

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Retail
Office
Industrial
Residential

Relevant Teams

Legal
Real Estate
Finance
Operations
Facilities

Relevant Roles

Property Manager
Legal Counsel
Real Estate Manager
Facilities Manager
Leasing Executive

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Authors

Alex Denne

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