Oregon Landlord Tenant Closing Statement to Reconcile Security Deposit
What is this form?
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a document that allows landlords to record deposits and credits and outline any deductions from the security deposit. This form is essential for both landlords and tenants, as it clarifies the financial obligations and rights regarding the security deposit held by the landlord for potential damages or unpaid rent.
Key parts of this document
- Identification of parties involved: Lists the landlord and tenant.
- Security deposit details: Records the original amount and any interest accrued.
- Deductions: Specifies any deductions from the security deposit for damages or unpaid rent.
- Final accounting: Outlines the final amount to be refunded to the tenant.
- Signatures: Requires signatures of both landlord and tenant for acknowledgment.
When to use this document
This form should be used at the end of a tenancy when settling the security deposit. It is crucial to provide a clear record for both parties after the tenant vacates the property, particularly when there are deductions from the security deposit. It helps to avoid disputes by documenting the transactions related to the security deposit.
Who should use this form
- Landlords managing rental properties.
- Tenants looking to receive their security deposit back after vacating.
- Real estate professionals involved in rental agreements.
Steps to complete this form
- Identify the parties: Fill in the names and addresses of both the landlord and tenant.
- Specify the property: Include the address of the rental property.
- Enter deposit details: Record the total amount of the security deposit and any interest accrued.
- List deductions: Clearly detail any deductions being made from the security deposit for damages or unpaid rent.
- Calculate the final refund: State the final amount owed to the tenant after deductions.
- Sign and date: Ensure both parties sign and date the document to acknowledge the agreement.
Notarization requirements for this form
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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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 clearly document all deductions and costs.
- Not obtaining signatures from both parties.
- Ignoring state-specific laws regarding security deposits.
- Using vague language that may lead to misunderstandings.
Benefits of using this form online
- Convenience: Access and complete the form from anywhere with an internet connection.
- Editability: Make changes easily before finalizing details.
- Reliability: Use attorney-drafted templates to ensure legal compliance.
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FAQ
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.
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.
If your deposit didn't need to be protected and your landlord refuses to give it back, you might have to take them to court. Going to court can be expensive and stressful.You'll need to take your landlord to the small claims court to get your money back.
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.
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.
Landlords in Oregon can keep all or a portion of a tenant's security deposit for unpaid rent, damage in excess of normal wear and tear, and other breaches of a lease agreement.
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.
Your landlord must return your deposit within 31 days after the termination of the tenancy and the delivery of the rental unit to the landlord.
Landlords in Oregon can keep all or a portion of a tenant's security deposit for unpaid rent, damage in excess of normal wear and tear, and other breaches of a lease agreement.
