What does the term "surrender of lease" typically refer to?

The term "surrender of lease" typically refers to the mutual agreement between the lessor (landlord) and the lessee (tenant) to terminate the lease before its scheduled expiration. This process involves both parties consenting to end their leasing relationship, which can occur for various reasons, such as changes in circumstances or needs.

In this scenario, a mutual agreement ensures that both parties have a clear understanding of their obligations and any potential consequences resulting from the termination, such as the return of security deposits or addressing any damages. This contrasts with other options like ending the lease unilaterally, which might create disputes, or transferring rights, which involves different legal implications altogether. The concept of surrender emphasizes cooperation and formal acknowledgment of the lease termination.