A formal notification from a tenant to a landlord indicating that the tenant will not be extending or renewing a commercial lease agreement upon its expiration. This document serves as official notice of intent to vacate the premises at the end of the current lease term. For example, a business owner leasing office space might submit this letter several months before the lease’s end date, adhering to the terms outlined in the original lease agreement regarding advance notice.
The timely delivery of this notice is crucial for both tenants and landlords. It allows the tenant to plan their relocation effectively and avoid automatic lease renewals or potential penalties. For the landlord, it provides ample time to secure a new tenant for the property, minimizing vacancy periods and ensuring a consistent revenue stream. Historically, such formal notifications have become standard practice in commercial real estate to maintain clear communication and prevent disputes regarding lease terms and occupancy.
