A Lease Cancellation Agreement is a legally-binding document formally terminating an existing lease. The agreement lays out the rights and responsibilities of both parties, ensuring that each one is aware of their obligations under the lease. It outlines the conditions for canceling the lease, details how any unpaid rent will be handled and states when the tenant must vacate the property. As with any legal document, it’s important to read through the terms of a Lease Cancellation Agreement carefully before signing it. This can help avert disputes in the future and ensure a smooth transition between landlord and tenant.