A Lease Termination Agreement is a legally binding document that allows both tenants and landlords to mutually end a lease before its scheduled expiration. In New York, this agreement outlines the terms under which the lease will end, including move-out dates, rent obligations, and any penalties or waivers. It can help avoid potential legal disputes and ensures a smooth transition for both parties. Whether due to relocation, financial hardship, or changes in property use, a lease termination agreement offers clarity and protection. Having this agreement in writing helps safeguard everyone’s rights and responsibilities, making it an essential tool for resolving lease situations amicably and legally.