A legal document that transfers property ownership for a specified time period, provided certain conditions are met. Basically, a deed of surrender allows one to relinquish his/her claims on a particular piece of property to the individual holding the underlying title, making it possible to settle any outstanding claims on the property.
In addition to commercial property deals, deeds of surrender can also be used to relieve tenants of their lease obligations. In exchange for relinquishing their rights to a given rental property, the tenant is released from further claims and demands relating to the lease.