Think you don’t need the Mutual Cancellation of Lease Form? We'd be ready to wager you'd be dead wrong about that. Picture this.... your
lease is ending and you have verbally discussed all of the specifics with your Leasor.
2 months later, you receive a utility statement for your prior apartment requesting payment for the month after your lease ended.
The Leasee is stating that you were still occupying the residence during that time frame, but you can’t prove it!
A comparable sticky situation could occur for the Leasor if the Leasee tries to skip out of the lease prior to the agreed upon date.
So, whenever you enter into a lease as the Leasee or Leasor, you NEED a form like this to protect yourself by getting your agreement in writing.
MUTUAL CANCELLATION OF LEASE
FOR GOOD CONSIDERATION, _ [Leassee], and _ [Leassor], under a certain lease agreement between the parties under date of ____, 19__ [Lease], do hereby mutually agree to terminate and cancel said Lease effective ____, 19__ and all rights and obligations under said Lease shall thereupon be cancelled excepting only for any obligations under the Lease accruing prior to the effective termination date.
This agreement shall be binding upon the parties, their successors, assigns and personal representatives.
Signed under seal this ____ day of _____, 19___.