Pennsylvania 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 amounts received as security deposits and any deductions made. This form helps to clarify financial obligations between the landlord and the tenant regarding the security deposit. Unlike rental agreements, this statement specifically focuses on reconciling the funds held for damages beyond normal wear and tear.
What’s included in this form
- Landlord and tenant information: Names and contact details of both parties.
- Security deposit details: Amount of the original security deposit and any additional deposits made.
- Deductions: A clear list of deductions made from the security deposit, such as damage repairs or unpaid rent.
- Total amount due: The final balance owed to the tenant or remaining with the landlord.
- Signatures: Both parties must sign the document to confirm agreement with the terms outlined.
When this form is needed
This form should be used at the conclusion of a lease agreement when a tenant moves out of a rental property. If the landlord needs to return the security deposit to the tenant or if there are charges for damages beyond normal wear and tear, this statement will serve as a record of those financial transactions. It is essential in clarifying the amounts due to both parties.
Who needs this form
- Landlords managing rental properties who require a systematic way to account for security deposits.
- Tenants who want to ensure they receive their due security deposit back after moving out.
- Property managers tasked with reconciling security deposits for multiple properties.
Instructions for completing this form
- Identify the parties: Clearly state the names of the landlord and tenant involved.
- Specify deposit amounts: Fill in the total security deposit received and any additional deposits.
- List deductions: Detail each deduction made, including reasons and amounts for repairs or other charges.
- Calculate total amount due: Determine the final balance to be returned to the tenant or retained by the landlord.
- Obtain signatures: Have both the landlord and tenant sign the document to acknowledge agreement with the terms outlined.
Does this document require notarization?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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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.
Typical mistakes to avoid
- Forgetting to include all deductions that were made from the security deposit.
- Not obtaining signatures from both parties, which invalidates the agreement.
- Failing to keep a copy of the completed statement for personal records.
- Using outdated legal language that might not comply with current local laws.
Why complete this form online
- Convenience: Easily complete and download the form from anywhere, at any time.
- Editability: Modify the form as needed to accurately reflect the situation.
- Reliability: Access templates drafted by licensed attorneys to ensure legal compliance.
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FAQ
Generally, a landlord may retain all or part of the security deposit to pay for damages to the unit that occurred during the tenants' occupancy, except for those resulting from normal wear and tear. Usually, the landlord can deduct other costs, such as late fees, unpaid rent, and unpaid utility bills.
The landlord can deduct for damages to the premises. The landlord can also withhold the security deposit for unpaid rent and/or breach of the rental agreement. How Long for Return of Security Deposit? The landlord must return the security deposit within 30 days of the tenant moving out.
A landlord can charge tenants for cleaning and repairs to restore the rental unit to its original condition at the beginning of the tenancy. However, a landlord cannot charge a tenant for ordinary wear and tear.Issues regarding carpet cleaning should be addressed in the lease.
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.
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.
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.
Under Pennsylvania law, a landlord may charge a tenant the equivalent of two months' rent for the security deposit for the first year of renting and the equivalent of one month's rent during all subsequent years of renting.
Pennsylvania law places a limit on the amount of a security deposit that a landlord may require.The landlord does not have to pay interest to the tenant during the first two years of the lease. A landlord may put up a bond instead of depositing security deposits in an escrow account.
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)
