Oregon Landlord Tenant Closing Statement to Reconcile Security Deposit
Understanding this form
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a formal document used by landlords to record the various deposits and credits associated with a tenant's security deposit. This form specifically outlines the deductions made for any damages that exceed normal wear and tear, ensuring clarity for both parties. It serves to formally document the financial relationship between the landlord and tenant regarding security deposits, distinguishing it from the rental agreements or leases that govern tenancy terms.
What’s included in this form
- Detailed account of the initial security deposit amount.
- List of credits awarded to the tenant.
- Itemized deductions for repairs or damages beyond normal wear and tear.
- Total amount due to the landlord after deductions.
- Space for signatures from both the landlord and tenant to acknowledge agreement.
When to use this form
This form is used when a tenant vacates the rental property and the landlord needs to reconcile the security deposit. It is essential in situations where there are damages or unpaid rent, providing a clear record of how the security deposit was applied. Use this form to facilitate transparency and to avoid disputes over deposit deductions.
Who can use this document
- Landlords who manage residential rental properties.
- Tenants who are moving out and wish to understand deductions from their security deposit.
- Property managers handling the reconciliation of security deposits on behalf of landlords.
Completing this form step by step
- Identify the parties involved: the landlord and the tenant.
- Specify the property address relevant to the security deposit.
- Document the total security deposit amount received from the tenant.
- List any deductions, clearly detailing the reasons for each.
- Calculate and state the final balance due to the landlord or the amount to be returned to the tenant.
- Ensure both parties sign the document to confirm agreement on the details provided.
Is notarization required?
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.
Mistakes to watch out for
- Not itemizing deductions clearly, which can lead to disputes.
- Failing to provide all required signatures, making the agreement unenforceable.
- Neglecting to follow state-specific regulations regarding security deposits.
- Using vague language, which can lead to confusion about deductions.
Advantages of online completion
- Convenience: Easily fill out and store the form digitally.
- Editability: Make adjustments as needed without the hassle of reprinting forms.
- Access to legally vetted templates ensures reliability in legal matters.
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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.
