Why do I need a Deed of Surrender of Lease?
A Deed of Surrender of Lease is essential if:
- you’re a business owner tenant needing to leave your leased property before the end of the lease due to financial problems, business closure, needing to upsize or downsize; or
- you’re a landlord wanting to reclaim possession of the property (eg, to sell or redevelop the property), or you’ve agreed to let your tenant leave the property before the end the lease.
If a landlord and tenant have agreed to terminate their lease before the end date, this should be clearly documented in a written Deed of Surrender of Lease to avoid any disputes over money owing or obligations to be performed to end the lease.
Save time, money and stress using an On Your Terms Deed of Surrender of Lease to get your specific arrangement clearly documented and enforceable in New Zealand.
Who’s this Deed of Surrender of Lease for?
Any business owner or landlord who has agreed to surrender their lease.
What’s in this Deed of Surrender of Lease?
NZ lawyers have designed this Deed of Surrender of Lease for NZ business. It is simple, short, easy to understand, without unnecessary legalese and fair to both sides.
In the document, the tenant agrees to give up their rights to the property and vacate by a specific date. The landlord agrees to release the tenant (and any guarantor(s)) from further obligations under the lease, such as rent payments. An optional exit fee (sometimes called a surrender fee) is payable by the tenant or the landlord (depending on your specific circumstances) in exchange for agreeing to surrender the lease. The tenant must leave the property in the condition required under the lease (or in the condition stated in the Deed of Surrender of Lease if the parties have agreed to vary these ‘make good obligations’).
How long will it take to create my document?
Approximately 5-10 minutes – quicker than making your next coffee! During the Q&A you can save your progress to come back later, or repeat the Q&A to change an answer or produce a new version of a document.
What information do I need to complete the Q&A?
- The name and contact details of the tenant, landlord and any guarantor(s)
- Details of the premises and the lease
- The lease end date (surrender date), exit fee (if any), final rent and outgoings payments
- The make good obligations of the tenant (the work required to leave the property in a particular condition).
What if I need help?
We’d love to help. Just contact us at hello@onyourterms.co.nz and we can either help over email or jump on a call.
Your document will be downloadable in MS Word, so you can make changes if you like (and add branding). Also, our legal partner, Luminate Legal, can provide legal advice for a fixed price if you’d like it.
What do I do once my Deed of Surrender of Lease is created?
The Deed of Surrender of Lease is ready to sign as soon as you have downloaded it. All parties must sign it to ensure it’s legally enforceable. If you need help with how to sign the Deed of Surrender of Lease, read our helpful blog: Who can sign legal documents in New Zealand?
Other helpful information:
- Read our helpful blogs including: Commercial lease agreements in New Zealand, Sublease or Property Licence? Help! How can I get out of my business lease early?
- You may also find these bundles or documents useful for your business: Property Licence, Commercial Sublease Agreement, Deed of Renewal of Lease, Deed of Variation of Lease, Deed of Assignment of Lease, Deed of Surrender of Lease and Agreement to Lease
- Check out our FAQs here
If you’re not satisfied with your purchase of this product for any reason, let us know why within 10 days of your purchase and we’ll work with you to make sure you’re happy, including giving you a full refund if necessary.
Disclaimer: On Your Terms was created to provide fast, easy and affordable access to legal information and documentation. We are not a law firm and do not provide legal advice. The information and documents we provide are of a general nature, designed for common situations, and may not be suitable for your needs or circumstances. If you need legal advice, we have a network of specialist law firm partners able to help you here.