Lease Buyout Agreement Template
This Lease Buyout Agreement (“Agreement”) is entered into on [Date], by and between:
Landlord: [Landlord Full Name or Entity Name]
Address: [Address]
Email: [Email]
Phone: [Phone Number]
and
Tenant: [Tenant Full Name(s)]
Address: [Address]
Email: [Email]
Phone: [Phone Number]
This Agreement relates to the lease agreement dated [Original Lease Date] for the rental property located at:
Rental Property Address: [Property Address]
The parties agree as follows:
1. Purpose of Agreement
The parties entered into the original lease agreement for the rental property listed above. They now wish to end that lease before its original expiration date by mutual agreement and set the terms of that early termination in writing.
This Agreement is intended to define the buyout amount, move-out requirements, and each party’s rights and obligations after the lease ends.
2. Original Lease Information
The original lease began on [Lease Start Date] and is scheduled to end on [Original Lease End Date].
The parties agree that, subject to the terms of this Agreement, the lease will instead terminate early on [Early Termination Date].
3. Buyout Payment
In consideration for the early termination of the lease, the Tenant agrees to pay the Landlord a lease buyout amount of [Amount].
The buyout payment must be paid on or before [Payment Due Date] by the following method: [Payment Method].
Unless otherwise stated in this Agreement, the buyout payment is separate from any unpaid rent, utilities, repair costs, cleaning charges, or other sums lawfully owed under the lease.
4. Possession and Move-Out Date
The Tenant agrees to fully vacate and surrender possession of the rental property on or before [Move-Out Date].
By that date, the Tenant will:
remove all personal property not intended to remain;
return all keys, access cards, remotes, and entry devices;
leave the premises in the condition required by the lease, excluding normal wear and tear;
provide any forwarding address required for notices or deposit handling.
5. Rent Through Termination Date
The Tenant remains responsible for rent and any other regular charges under the lease through [Termination Date], unless the parties agree otherwise here: [State different arrangement, if any].
If the buyout amount is intended to include rent through the termination date, state here: [Included / Not Included / Terms].
6. Security Deposit
The parties agree that the security deposit of [Amount], if any, will be handled as follows:
☐ returned to the Tenant according to applicable law, less any lawful deductions;
☐ applied in whole or in part to unpaid amounts owed by the Tenant;
☐ handled as follows: [Additional Terms].
Nothing in this Agreement prevents the Landlord from making deductions allowed by the lease or applicable law for unpaid obligations, damage beyond normal wear and tear, cleaning, or other proper charges.
7. Condition of Property
The Tenant agrees to return the rental property in reasonably clean condition and in compliance with the lease requirements, excluding normal wear and tear.
The Landlord may inspect the property after surrender of possession and may document any damage, missing items, excessive dirt, unauthorized alterations, or other conditions that may lawfully affect final charges.
8. Utilities and Other Outstanding Charges
The Tenant remains responsible for utility bills, late charges, fees, or other amounts accrued through the termination date, unless otherwise stated here: [Terms].
Any final utility transfer, shutoff, or account update will be completed by [Date or Responsible Party].
9. Release of Future Lease Obligations
Upon timely payment of the buyout amount and full compliance with this Agreement, the Landlord agrees to release the Tenant from future rent obligations and other lease duties arising after the termination date, except for obligations that expressly survive termination or relate to prior breaches, property damage, unpaid balances, or other matters preserved in this Agreement.
If the Tenant fails to meet the terms of this Agreement, the Landlord may retain any rights available under the original lease and applicable law, subject to the extent permitted by law.
10. Mutual Release
Except for obligations stated in this Agreement, the parties [do / do not] release each other from further claims arising out of the lease after the termination date.
This release does not apply to:
unpaid amounts due before or under this Agreement;
damage to the property beyond normal wear and tear;
claims based on fraud, intentional misconduct, or matters that cannot legally be waived;
any other excluded matter stated here: [Excluded Matters].
11. No Admission
This Agreement is a voluntary settlement of the lease relationship and does not constitute an admission of fault, default, or wrongdoing by either party.
12. Keys, Access Devices, and Forwarding Address
The Tenant agrees to return all keys, fobs, parking passes, mailbox keys, garage remotes, and other access devices by [Date].
The Tenant’s forwarding address for future correspondence or deposit matters is:
[Forwarding Address]
13. Governing Law
This Agreement will be governed by the laws of [State/Country], without regard to conflict of law principles.
14. Entire Agreement
This Agreement represents the entire understanding between the parties regarding the lease buyout and early termination of the lease.
Any amendment to this Agreement must be in writing and signed by both parties.
15. Signatures
Landlord
Signature: __________________________
Name: [Landlord Full Name]
Date: [Date]
Tenant
Signature: __________________________
Name: [Tenant Full Name]
Date: [Date]
Tenant (if applicable)
Signature: __________________________
Name: [Tenant Full Name]
Date: [Date]
