Security Deposit Addendum Withholding

State:
Multi-State
Control #:
US-895LT
Format:
Word; 
Rich Text
Instant download

Description

The Security Deposit Addendum Withholding is a crucial legal document that outlines the terms regarding a security deposit for a rental property. It specifies that the security deposit will remain with the Lessor until the last tenant vacates the premises and all financial responsibilities are met. The form presents three options for how the deposit and any potential refunds will be distributed among tenants, requiring all tenants to initial their chosen paragraph for clarity. This addendum is particularly useful for attorneys, landlords, and legal professionals who manage rental agreements, as it provides clear instructions on deposit handling and promotes transparency among tenants. Moreover, it aids paralegals and legal assistants in ensuring compliance with rental laws and helps facilitate communication between tenants and management. Filling out the form is straightforward, requiring signatures and dates from both the Lessor and the Lessees, ensuring legal acknowledgment of the terms. Overall, this document serves as a protective measure for all parties involved, streamlining the final accounting process at the end of a lease.

How to fill out Addendum To Apartment Lease Regarding Security Deposit?

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FAQ

Dear [Landlord's Name], I am writing to request that you return my security deposit in the amount of $_____. I vacated my rental unit at [rental address] on [move out date] and left it in excellent condition, which you acknowledged on our final walkthrough.

Deposits that are temporarily suspended from payment by the Deposit Insurer due, in part, to insufficient information during reimbursement.

Normal wear and tear is the expected damage that occurs to a property due to everyday use. In other words, this type of damage doesn't occur due to abuse or negligence. You may find this more often with long-term tenants due to their length of time in the rental property.

The landlord is allowed to adjust the security deposit amount when rent has not been paid or intentional damage has been made to the property. The landlord should refund the balance to the tenant when the property is being vacated.

A landlord can charge only a limited number of items against a tenant's security deposit MCL 554.607: Actual damages to the unit or ancillary facility (garage, shed, etc); Reimbursement for back rent; Reimbursement for rent due to premature termination; and. Reimbursement for accrued and unpaid utilities.

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Security Deposit Addendum Withholding