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Indiana Landlord Tenant Closing Statement to Reconcile Security Deposit

Category:
Landlord Tenant - Residential Leases - Closing Statements
State:
Indiana
Control #:
IN-9000LT
Format:
Word; 
Rich Text
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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.

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FAQ

When an Indiana residential lease terminates, the landlord must return any remaining security deposit to a tenant within 45 days. This requirement ensures that both parties have a clear understanding of any deductions and returns. Knowing this timeline helps tenants advocate for their rights effectively. Utilizing an Indiana Landlord Tenant Closing Statement to Reconcile Security Deposit can facilitate this return.

A Security Deposit Receipt provides proof that payment of a security deposit was made and received by the landlord, and it documents the amount that was paid, when it was paid, who made the payment, and the method of payment.

Request deposit back You will need to request your deposit back in writing and give your landlord 10 days to respond to the request. An editable PDF letter for you to complete and send to your landlord or letting agent at the end of the tenancy in order to formally request the return of your deposit.

When does the landlord have to return my deposit? The landlord must send you a letter within 45 days of when your lease ends and you move out (unless your lease says the landlord must send it in less than 45 days). The letter must either return your deposit or give you a list of any deductions the landlord claims.

Dear Name: I am writing to provide notice of my request that you refund the security deposit paid in the amount of $1500.00 for the rental of Address, City, State Zip Code. I vacated the residence on 00/00/00 without any damages beyond oridnary wear and tear.

Mail your landlord a letter requesting that she return your deposit. Be polite and simply inform the landlord that you have vacated the property and would appreciate the return of your deposit once she has had a chance to complete any checks and paperwork.

Tenant's name and new address, or address he gave for return of the security deposit. Commencement date of the lease and date it ended. Amount of the security deposit when the tenant moved in. Amount of interest accrued.

Security deposits are assets or liabilities, so you cannot deduct them as expenses as a tenant and you need not declare them as income on income tax returns as a landlord until you use them.

When Should Landlords Provide a Security Deposit Receipt?Landlords with this kind of setup don't have to do anything regarding a receipt. Fewer and fewer landlords actually deal in cash, money orders or checks anymore. However, if a landlord ever accepts cash or a money order, they should always write out a receipt.

Date of the deposit receipt. Name of the tenant. Name and location of the financial institution where the security deposit is held. Account number, if required. Amount deposited and date the deposit was made.

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