A security deposit receipt is an important document for rental management. Every state has laws pertaining to the maintenance, the use and the return of security deposits. LandLordStation.com offers information pertaining to security deposits in the landlord information section on our website.
We advise that the Lease Agreement on the property should specify the amount of the security deposit, where it will be held and what it is meant to cover (all should be in accordance with the state laws in which the property is located). In addition to specifying details about the security deposit in the lease, a landlord can give the tenant a security deposit receipt which includes the above information. See a sample form below.
SECURITY DEPOSIT RECEIPT
Date: (date of receipt)
Tenant’s Name: (name all tenants on the lease here)
The Landlord hereby acknowledges payment in the amount of (deposit amount here) from (Tenant’s name) as security deposit for the rental property referenced above. This security deposit shall be held by the Landlord in accordance with the terms of the Lease Agreement signed by all parties hereto and in accordance with applicable state laws.
Part or all of this security deposit shall be returned to the Tenant within (insert number of days that State law requires here) of the Tenant vacating the rental unit, after making allowed deductions for unpaid rent, property damages and cleaning expenses beyond normal wear and tear as defined by state law.
Security deposits will be held during the pendency of the Lease Agreement in a (insert either interest bearing escrow account or non-interest bearing escrow account here) by the Landlord. Interest will be distributed according to the provisions of state law.
Landlord’s Signature line here:
If a landlord refunds none, or only part of a security deposit, we offer the following security deposit refund form as a guide to send to the tenant. It is recommended that this form be sent with copies of any receipts for repairs or cleaning. It is also recommended that the landlord take photos of the rental, before and after the tenant has vacated, in the event that the tenant takes the landlord to court.
ITEMIZED SECURITY DEPOSIT REFUND LETTER
Date: (date of refund letter)
Tenant Name(s): (name everyone on the Lease Agreement here)
Address of Rental:
Amount of Security Deposit Received and held in Escrow: (put amount of deposit here)
Amount of Interest Accrued in Security Deposit Escrow Account: (put amount of interest here)
List of Damaged Property with Receipts Attached: (add a detailed list of damages here and the amount deducted for repairs. Note: if this amount exceeds the amount of the deposit, check state law to verify how to separately bill tenant for excess damages).
Total Amount Deducted from Security Deposit: (put total amount of deductions here)
Amount Returned to Tenant: (put the amount returned to tenant here)Check # (put check number here for refund of security deposit)
Certified, Return Receipt Requested Receipt Number: (put certified number here)
Date of Security Deposit Return Letter:
It is recommended that both the Security Deposit Receipt and the Security Deposit Refund Form meet the requirements of the state laws in which the property is located.
Visit LandLordStation.com for more landlord information regarding security deposits and more. We also sponsor a landlord community that is a place for independent landlords and property managers to connect, share ideas and get expert advice. LandLordStation.com has real estate management information, tenant screening services, online document storage, online rent payment and much more.
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