Statement Security Deposit Format

State:
New York
Control #:
NY-9000LT
Format:
Word; 
Rich Text
Instant download

Description

This is a Landlord Tenant Closing Statement - Reconcile Security Deposit, where the landlord records the deposits and credits, less deductions from the credits or security deposit for delivery to the tenant. It is used to document for the benefit of both parties the monies held by the landlord and due to the landlord.


A security deposit is a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." Everyday usage is normal wear and tear, but excess damage is a debated definition. A security deposit is not the same as rent. It is money that actually belongs to the tenant but is held by the landlord for tenant-caused damages and sometimes past-due rent. Without the agreement of the landlord, a security deposit may not legally be used as the last month's rent.


Laws vary by state, but some states place a limit on the amount of a security deposit that a landlord may charge. Some states also regulate where residential security deposits must be kept and when interest payments on the security deposits must be made to the tenant. State laws also define the time period after the tenant vacates within which the deposit must be returned to the tenant.

Statement Security Deposit format is a standardized document that outlines the details of a security deposit held by a landlord or property manager. This type of document provides transparency and clarity regarding the amount of the deposit, its purpose, and any conditions for its release. It helps both parties, the landlord and the tenant, to protect their rights and avoid disputes regarding the return of the deposit at the end of the tenancy. The Statement Security Deposit format typically contains the following key elements: 1. Contact Information: This section includes the name, address, and contact details of both the landlord and tenant involved in the rental agreement. 2. Property Details: Here, the specific details of the rental property, such as the address, unit number, and any additional information that identifies the premises, are mentioned. 3. Deposit Amount: This section clearly states the exact amount of the security deposit paid by the tenant, ensuring mutual agreement. 4. Reasons for Security Deposit: The format also includes a statement explaining the purpose of the security deposit. It usually highlights that the deposit acts as a safeguard against any damages or unpaid rent, serving as insurance for future repairs or expenses. 5. Conditions for Refund: This part lists the conditions under which the security deposit will be refunded, such as the proper termination of the lease, returning the property in a satisfactory condition, and settling any outstanding rent or fees. 6. Deductions and Itemization: If deductions are made from the security deposit, the format should clearly outline the specific items or damages for which deductions will be made, along with associated costs. This provides transparency and documentation regarding the deductions made by the landlord. 7. Deadlines and Procedure: The Statement Security Deposit format should indicate the timeline within which the security deposit will be refunded, as per local laws or the terms of the lease. Additionally, it should outline the proper procedure for the tenant to follow to claim their refund. Different types of Statement Security Deposit formats may vary depending on jurisdiction and specific lease agreements. Some variations include: 1. Residential Security Deposit Statement: This format is used for security deposits in residential rental properties, including apartments, houses, or condominiums. 2. Commercial Security Deposit Statement: This type of format is tailored for security deposits in commercial rental properties, such as offices, retail spaces, or warehouses. 3. Vacation Rental Security Deposit Statement: This format is utilized specifically for security deposits in vacation or short-term rental properties, typically found in the hospitality industry. Regardless of the type, a well-structured Statement Security Deposit format is essential for maintaining transparency, protecting the rights of both landlords and tenants, and ensuring a smooth process for refunding the security deposit at the end of the lease term.

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FAQ

Because security deposits are generally not considered rental income, they should not appear on your income statement or cash flow statement. Instead, include it as a liability on your balance sheet on the date you received it, since it's an amount you're planning to eventually return.

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.

Because the security deposit is not considered rental income it does not appear on the income statement or net cash flow reports. Instead, the deposit is shown on the rental property balance sheet in the security deposit category.

Example of a Security Deposit The landlord requires a security deposit of $1,000. The company debits the long-term asset Security Deposit for $1,000 and credits Cash for $1,000. The landlord debits Cash for $1,000 and credits a liability account such as Refundable Security Deposits for $1,000.

Because the security deposit is not considered rental income it does not appear on the income statement or net cash flow reports. Instead, the deposit is shown on the rental property balance sheet in the security deposit category.

More info

The form is split into three columns: Deposits Received, Deductions, and Resulting Balance. Quickly find online and printable forms for tenants and landlords.The statement must include the: Tenant's name and new address, or address he gave for return of the security deposit. A proper receipt should include: • the date the payment was made. The statements for inspection reports that are mandatory in the Residential Tenancies Ministerial Regulation have to be completed. They make sure you'll get your deposit back if you: meet the terms of your tenancy agreement; do not damage the property; pay your rent and bills. Landlords are permitted to charge security deposits as security for the full performance of all of the terms of a lease. Return the security deposit minus any deductions along with an itemized statement. The itemized statement must list what was deducted and why. The statement must be signed within 15 days of the start of tenancy.

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Statement Security Deposit Format