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Simple English definitions for legal terms
surrender of term
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A quick definition of surrender of term:
Surrender of term: When someone who is renting a place decides to leave before their lease is up, they can give up their right to stay there. This is called a surrender of term. It allows the landlord to take back the property and end the lease early. Surrender can also mean giving up something you have a right to, like a claim or a piece of property.
A more thorough explanation:
Definition: Surrender of term refers to a tenant's voluntary relinquishment of possession of a property before the lease has expired, allowing the landlord to take possession and treat the lease as terminated.
For example, if a tenant decides to move out of their apartment before the lease is up, they may surrender their term by giving notice to the landlord and returning the keys. This allows the landlord to take back possession of the property and find a new tenant.
Surrender of term is a legal concept that is often used in landlord-tenant relationships. It allows tenants to end their lease early if they need to, while also giving landlords the ability to quickly find new tenants and avoid prolonged vacancies.