Tenancy agreements are legally binding contracts that cannot be easily broken. However, in the event that one of the parties to the agreement needs to terminate the lease, what course of action should be taken?
If a property owner (landlord) wishes to break the tenancy agreement before it expires, the occupant (tenant) is not obliged to vacate, and may remain in the property until expiry of the agreement. The tenant may, however, consent to an early termination, perhaps in return for compensation such as payment of moving expenses.
On the other hand, a change in circumstances, such as a job in another city or town or difficulty in meeting rent payments, may result in a tenant being unable to honour the lease agreement.
In this instance, the property owner (or manager) should be notified (in writing) as soon as possible, since the tenant will normally be liable to continue paying rent until the end of the lease, or until a new tenant leases the property, whichever occurs first. The vacating tenant may also be responsible for other expenses, such as the cost of finding a new tenant.