The Deed of Surrender of Tenancy is a crucial document used in Nigerian property law when both landlord and tenant agree to terminate a lease before its natural expiration. This document is particularly relevant in situations where there is a need for early termination of either commercial or residential leases, provided both parties consent. It must comply with Nigerian federal laws, including the Recovery of Premises Act and the Land Use Act of 1978, as well as relevant state-specific property laws. The deed formally documents the surrender of the tenant's interests, arrangements for vacant possession, settlement of any outstanding obligations, and mutual releases. It requires proper execution as a deed and may need to be stamped and registered according to Nigerian law. The document protects both parties by providing clear evidence of the agreed termination and preventing future disputes about the lease's end.
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1. Parties: Identifies and defines the Landlord and Tenant (and any guarantors if applicable)
2. Background: Recites details of the original lease, current occupation, and intention to surrender
3. Definitions: Defines key terms used in the deed including the Property, the Lease, and the Surrender Date
4. Agreement to Surrender: The operative clause where the tenant agrees to surrender and the landlord agrees to accept the surrender
5. Release of Obligations: Mutual release of parties from their obligations under the original lease
6. Vacant Possession: Tenant's confirmation to deliver vacant possession on the surrender date
7. Return of Keys: Provisions regarding the return of all keys and access devices
8. Governing Law: Specifies that Nigerian law governs the deed
9. Execution: Formal execution blocks for signing as a deed under Nigerian law
1. Condition of Property: Used when specific requirements about the condition of return of the property need to be documented
2. Settlement of Outstanding Amounts: Include when there are any rent arrears, service charges, or other payments to be settled
3. Return of Deposit: Include when there is a security deposit to be returned
4. Dilapidations: Used when there are specific agreements about repair obligations or compensation for disrepair
5. Third Party Rights: Include when there are guarantors or other third parties whose rights need to be addressed
6. Survival of Claims: Used when certain rights or claims need to survive the surrender
1. Schedule 1 - The Property: Detailed description of the property including its address and any relevant plan
2. Schedule 2 - The Original Lease: Details of the original lease including its date, parties, and any variations
3. Schedule 3 - Inventory: List of any fixtures, fittings or items included in the surrender
4. Schedule 4 - Condition Report: Document recording the condition of the property at surrender
5. Appendix A - Property Photos: Photographic evidence of the property's condition at surrender
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