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Rent Cancellation Agreement for Nigeria

Rent Cancellation Agreement Template for Nigeria

This document serves as a formal agreement between landlord and tenant to mutually terminate an existing lease or rental agreement under Nigerian law. It outlines the terms and conditions for ending the tenancy, including the termination date, final payment settlements, property inspection requirements, and the return of any security deposits. The agreement ensures compliance with Nigerian property law, particularly the Recovery of Premises Act and relevant state-specific Tenancy Laws, while providing both parties with legal protection and clarity regarding their rights and obligations during the termination process.

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What is a Rent Cancellation Agreement?

The Rent Cancellation Agreement is a crucial legal document used in Nigeria when both landlord and tenant mutually agree to terminate an existing rental agreement before its original end date. This document is essential for protecting both parties' interests and ensuring a clear record of the termination terms. It should be used when there is mutual consent to end the tenancy early, or when specific circumstances require a formal documentation of the rental termination. The agreement typically includes details about final payments, property condition assessments, security deposit handling, and mutual releases from future obligations. Under Nigerian law, particularly considering state-specific Tenancy Laws and the Recovery of Premises Act, this agreement helps prevent future disputes and provides a clear framework for the termination process. The document is particularly important in both residential and commercial contexts, where proper documentation of property surrender and financial settlements is crucial.

What sections should be included in a Rent Cancellation Agreement?

1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and contact details

2. Background: Brief description of the existing rental agreement, including its date, property details, and reason for cancellation

3. Definitions: Definitions of key terms used in the agreement

4. Termination Date: Specific date when the rental agreement will be terminated and the tenant will vacate the property

5. Mutual Agreement to Cancel: Express statement of both parties' agreement to terminate the rental agreement

6. Final Payments: Details of any final rent payments, pro-rated amounts, or adjustments

7. Property Inspection: Requirements for final property inspection and condition assessment

8. Return of Keys: Provisions regarding the return of all keys and access devices

9. Release of Obligations: Mutual release of future obligations under the original rental agreement

10. Governing Law: Statement that the agreement is governed by Nigerian law

11. Execution: Signature blocks and execution requirements

What sections are optional to include in a Rent Cancellation Agreement?

1. Security Deposit: Terms for the return or forfeiture of security deposit, include if a security deposit was part of the original agreement

2. Outstanding Utilities: Provisions for handling any outstanding utility payments, include if utilities are separately metered

3. Damage Resolution: Terms for addressing any existing property damage, include if there are unresolved property damage issues

4. Forwarding Address: Tenant's forwarding address for future correspondence, include if needed for security deposit return or final statements

5. Early Termination Fee: Details of any early termination fees, include if applicable under the original agreement

6. Personal Property: Provisions for handling any abandoned personal property, include if there's risk of items being left behind

What schedules should be included in a Rent Cancellation Agreement?

1. Schedule 1 - Property Details: Detailed description of the rental property including address and any included fixtures/fittings

2. Schedule 2 - Financial Settlement: Detailed breakdown of all financial settlements including rent, deposits, and any adjustments

3. Schedule 3 - Property Inspection Report: Current condition report of the property and any noted damages or issues

4. Appendix A - Original Lease Agreement: Copy of the original lease agreement being cancelled

5. Appendix B - Photographic Evidence: Photos documenting the property condition at termination (if required)

Authors

Alex Denne

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

Jurisdiction

Nigeria

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions

























Clauses
























Relevant Industries

Real Estate

Property Management

Residential Property

Commercial Property

Legal Services

Housing

Property Development

Retail (for commercial rentals)

Office Space

Industrial Property

Relevant Teams

Legal

Real Estate

Property Management

Facilities

Operations

Administrative

Tenant Relations

Asset Management

Compliance

Documentation

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Property Administrator

Facilities Manager

Leasing Manager

Real Estate Attorney

Housing Officer

Estate Agent

Property Coordinator

Tenant Relations Manager

Lease Administrator

Real Estate Operations 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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