Massachusetts Landlord Tenant Closing Statement to Reconcile Security Deposit
What this document covers
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a legal document used by landlords to outline the deposits and credits held for a tenant. It details any deductions made from the security deposit for damages beyond normal wear and tear. This statement serves to clarify the financial obligations of both parties, ensuring transparency regarding the funds held by the landlord. Unlike a rental agreement, this form specifically focuses on reconciling the security deposit and does not cover rental payment specifics.
What’s included in this form
- Landlord and tenant information: Names and contact details of both parties.
- Deposit amount: The total security deposit collected from the tenant.
- Deductions: Specific amounts deducted for repairs or damages.
- Credits: Any credits issued back to the tenant.
- Balance due: The net amount owed to the tenant after deductions.
- Signatures: Signatures of both landlord and tenant to confirm the agreement.
Common use cases
This form is essential when a tenant moves out and the landlord needs to disclose how much of the security deposit is being returned. It is particularly useful when there are deductions for damages or repairs. Using this form helps avoid disputes and provides a written record that both parties can reference regarding any financial obligations relating to the security deposit.
Intended users of this form
- Landlords who are leasing their property to tenants.
- Tenants who are vacating a rental property and seeking the return of their security deposit.
- Real estate professionals managing rental properties.
Instructions for completing this form
- Identify the parties: Enter the names and contact information of both the landlord and tenant.
- Specify the property: Provide the address of the rental property involved.
- Detail the financials: Enter the total security deposit amount, along with any deductions and credits.
- Calculate the balance: Clearly state the total amount being returned to the tenant, if applicable.
- Obtain signatures: Both landlord and tenant should sign and date the document to acknowledge agreement.
Notarization requirements for this form
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
Typical mistakes to avoid
- Failing to accurately list all deductions and credits, which can lead to disputes.
- Not obtaining signatures from both parties, making the document less enforceable.
- Overlooking state-specific regulations regarding timing and amount of return.
Why complete this form online
- Convenience: Easily fill out and print the form from the comfort of your home.
- Editability: Make adjustments as necessary before finalizing the document.
- Reliability: Access forms drafted by licensed attorneys, ensuring compliance with legal standards.
Summary of main points
- The Landlord Tenant Closing Statement clarifies the handling of the security deposit.
- It is crucial to complete the form accurately to prevent potential conflicts.
- Both parties should review and sign the document to acknowledge the final terms.
Form popularity
FAQ
If a landlord does not return the entire amount of the tenant's security deposit within the 21 days required by law, and the tenant disputes the deductions from the deposit: The tenant can write a letter to the landlord explaining why he or she believes he or she is entitled to a larger refund.
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.
Unpaid rent. Unpaid water bills. Any unpaid real estate taxes that the tenant was obligated to pay. Damage in excess of normal wear and tear.
A security deposit is the property of the tenant unless a landlord is authorized to use it. Therefore, a landlord must keep a tenant's security deposit in a separate, interest-bearing bank account in Massachusetts.The name and location of the bank where the deposit is. The amount of the deposit.
It's illegal for your landlord to force you to pay a deposit of more than 5 weeks' rent (or 6 weeks' rent if your annual rent is more than £50,000). If you have an assured shorthold tenancy, your deposit must be 'protected' in a tenancy deposit scheme (TDP) until you move out of the property.
Concisely review the main facts and lay out the reasons your landlord owes you money. Include copies of relevant letters and agreements, such as your notice to move out. Ask for exactly what you want, such as the full amount of your deposit within ten days. Cite state security deposit law.
5 Times a Landlord Does Not Have to Return a Tenant's Security Deposit. Breaking or Terminating a Lease Early. Nonpayment of Rent. Damage to the Property. Cleaning Costs. Unpaid Utilities.
Under Massachusetts law, a landlord must return the tenant's security deposit within 30 days after the tenant has surrendered the rental property to the landlord (that is, returned the keys and vacated the property).
