When a tenant vacates a property at the end of their lease, they are relinquishing possession. This means they are giving up their right to occupy the space and are returning it to the owner. In finance, this term is commonly used in the context of rental properties and is an important concept to understand for both landlords and tenants. It signifies the end of a contractual agreement and the transfer of control from one party to another. Whether you are a landlord or a tenant, understanding this term is crucial in navigating the world of real estate and finance.
