oboloo Glossary

Lease Cancelation

oboloo Glossary

Lease Cancelation

Lease Cancellation is the termination of a tenant’s legal right to occupy and use a property, at their own discretion. This right can be terminated either by the landlord or by the tenant. When a lease is cancelled, any payments made for occupation rights are refunded to the tenant and the rental property is returned to the landlord in the same condition it was in when the lease began. In some cases, the tenant may have a legal obligation to pay rent up until the date that the lease is cancelled. It’s important to understand the laws surrounding lease cancellation in order to avoid any misunderstandings and undue stress. The process of lease cancellation can be complex and requires thorough understanding of contractual terms, but it is essential for both tenants and landlords alike.