What is the process for terminating a commercial real estate lease?

The process for terminating a commercial real estate lease in Virginia depends on the terms of the lease. Generally, the process involves three steps. The first step is to formally give notice of the termination. Generally, the termination must be made in writing and delivered to the other party, either by mail or in person. Depending on the terms of the lease, notice may need to be made anywhere from 30 to 90 days prior to the lease expiration date. Once the notice of termination has been made, both parties must negotiate the terms of the termination. Depending on the terms of the lease, the parties may need to discuss items such as moving out dates, lease extensions, and the return of security deposits. If both parties cannot agree on the terms of the termination, either party may need to file a lawsuit in order to settle the dispute. Finally, both parties must sign a lease termination agreement and return the keys to the property. Once the agreement is signed, both parties are released from any further obligations under the lease. If there are any disputes, either party may need to take legal action to resolve the issue.

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What is the process for terminating a commercial real estate lease?

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