New York Landlord Tenant Closing Statement to Reconcile Security Deposit
What is this form?
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a legal document that enables landlords to document the security deposits collected from tenants. It outlines the credits and deductions applicable to those deposits, primarily for repairs or damages beyond normal wear and tear. This form is crucial for clarifying the financial obligations of both parties, distinguishing the security deposit from regular rent payments, and ensuring compliance with state laws regarding deposit management and return.
What’s included in this form
- Tenant and landlord information: Identifies the parties involved in the agreement.
- Security deposit details: Outlines the total amount deposited and any accrued interest.
- Deductions: Lists any deductions made for repairs or other charges.
- Credits to the tenant: Specifies credits due back to the tenant after deductions.
- Final balance: Presents the remaining amount due to the tenant or owed to the landlord.
- Signatures: Provides space for both parties to sign, confirming the statement's accuracy.
Situations where this form applies
This form should be used when a tenant vacates a rental property and the landlord needs to reconcile the security deposit. It is especially necessary if there are deductions to be made for damages, cleaning, or unpaid rent. Utilizing this form ensures an official record of financial transactions related to the security deposit, protecting both the landlord's and tenant's rights.
Who should use this form
- Landlords who have received a security deposit from a tenant.
- Property managers responsible for managing rental agreements and tenant relations.
- Tenants seeking clarification on their security deposit and any deductions made by the landlord.
- Anyone involved in a rental agreement who wishes to document financial transactions regarding security deposits.
How to complete this form
- Identify the parties: Fill in the names and contact information of the landlord and tenant.
- Specify the deposit: Enter the total amount of the security deposit and any interest earned.
- List deductions: Clearly outline any deductions for repairs, cleaning, or unpaid rent.
- Calculate the final balance: Indicate the total amount due back to the tenant after deductions.
- Sign and date: Both parties should sign and date the statement to confirm its accuracy.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to document all deductions clearly, which can lead to disputes.
- Not including interest accrued on the security deposit, if applicable.
- Neglecting to obtain signatures from both parties, making the statement invalid.
- Using the form without understanding local laws regarding security deposits.
Why complete this form online
- Convenient access from anywhere, allowing quick completion and distribution.
- Editability to tailor the form to specific circumstances or state requirements.
- Reliability of having a professionally drafted document that adheres to legal standards.
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FAQ
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.
The landlord is entitled to deduct from the rental deposit any expenses incurred repairing any damage to the property which occurred during the tenancy. The remainder of the money must then be refunded to the tenant no later than 14 days after the restoration of the property as dictated by the Act.
The date of the letter and the landlord's full name and address. The address of the residence you rented and the date you moved in. A statement that you've been paying your rent timely and that you are current with your payments.
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.
Security Deposit Received: $1,000. Interest on Deposit (if required by lease or law): $N/A. TOTAL CREDIT (sum of lines 1 and 2): $1,000. Itemized Repairs and Related Losses: Necessary Cleaning: Total Cleaning & Repair (sum of lines 4 and 5) $400. Amount Owed (line 3 minus the sum of line 6)
If the security deposit is for a residential property without furniture, the security deposit may equal 2 times the rent. If the residence is furnished, the landlord may charge up to 3 times the rent. There is no restriction on the amount of the security deposit for the rental of a commercial property.
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 at the end of the tenancy. Unpaid bills at the end of the tenancy. Stolen or missing belongings that are property of the landlord. Direct damage to the property and it's contents (owned by the landlord)
Worn carpets or tile flooring. Faded paint. Loose door handles. Dust. Fading silver finish on bathroom fixtures.
