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 allows landlords to detail the security deposit held for a tenant. It summarizes the amounts received, any deductions made, and the total amount that needs to be returned to the tenant. This form serves to clarify financial responsibilities at the end of a tenancy and ensures transparency regarding the return of the security deposit. Unlike lease agreements, this closing statement focuses specifically on reconciling the security deposit rather than establishing rental terms.
Main sections of this form
- Landlord and tenant information section: Identifies the parties involved in the agreement.
- Security deposit amount: Specifies the total amount of the security deposit initially collected.
- Deductions: Lists any deductions made from the security deposit for repairs or unpaid rent.
- Final amount due: Indicates the final amount to be returned to the tenant after deductions.
- Signatures: Requires signatures from both parties, acknowledging the statement's accuracy.
Common use cases
This form should be used at the end of a rental agreement when a tenant is vacating the property. It is particularly important if there were damages beyond normal wear and tear or if any deductions from the security deposit are required. This document helps avoid disputes and provides both parties with a clear understanding of all financial transactions related to the security deposit.
Who can use this document
- Landlords managing residential properties who require a method to reconcile security deposits.
- Tenants who want to ensure they receive a fair return of their security deposits.
- Property management companies overseeing rental properties on behalf of landlords.
How to complete this form
- Identify the landlord and tenant by entering their names and contact information.
- Specify the total amount of the security deposit initially collected.
- List any deductions, including a detailed description of damages or unpaid rent.
- Calculate and enter the final amount to be returned to the tenant.
- Ensure both parties sign the document to acknowledge their agreement with the statement.
Notarization guidance
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.
Mistakes to watch out for
- Failing to itemize all deductions clearly, leading to misunderstandings.
- Not providing both parties with a copy of the signed statement.
- Incorrectly calculating the final amount due to the tenant.
- Leaving out the tenant's signature, which may invalidate the agreement.
Benefits of completing this form online
- Easy to edit and customize according to specific situations and state requirements.
- Convenient download options allow immediate access to the form.
- Legal forms are drafted by licensed attorneys, ensuring reliability and compliance.
- Simplifies the process of closing a rental agreement by providing a clear template for both parties.
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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.
