Tennessee Landlord Tenant Closing Statement to Reconcile Security Deposit
About this form
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a legal document used by landlords and tenants to detail the financial transactions concerning the security deposit. This form allows landlords to record deposits, credits, and deductions clearly, ensuring both parties are informed about the funds held. Unlike lease agreements, which focus on rental terms, this closing statement specifically addresses the status of the security deposit and any applied deductions.
Main sections of this form
- Detailed listing of security deposits received.
- Credits applied, including any applicable deductions for repairs or damages.
- A summary indicating the total amount due to the tenant after deductions.
- Signature lines for both landlord and tenant to confirm agreement.
- A space for listing any applicable state-specific regulations regarding security deposits.
Situations where this form applies
This form is necessary when a tenant moves out and the landlord needs to clarify the status of the security deposit. It is used to report any deductions made for damages beyond normal wear and tear, providing a clear financial record for both parties involved. Situations might include instances of unpaid rent or significant property repairs required due to tenant-related damages.
Who should use this form
This form is intended for:
- Landlords seeking to reconcile security deposits with departing tenants.
- Tenants who wish to understand the deductions made from their security deposit.
- Property management companies handling rental properties on behalf of landlords.
How to complete this form
- Identify the parties involved, including the landlord and tenant names.
- Specify the total security deposit amount collected initially.
- Detail each deduction itemized in the report, including the reason for the deduction.
- Calculate the total amount due to the tenant and provide a summary at the end.
- Obtain signatures from both the landlord and tenant to finalize the document.
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.
Avoid these common issues
- Failing to provide all necessary details of deductions.
- Not clearly indicating the total refundable amount to the tenant.
- Omitting signatures from one or both parties.
- Neglecting to reference state-specific regulations that may apply.
Benefits of completing this form online
- Immediate access to a legally vetted form tailored for landlord-tenant situations.
- Ease of customization to meet specific state requirements.
- Convenience of completing the form from anywhere, at any time.
- Time-saving solution compared to drafting a document from scratch.
- The Landlord Tenant Closing Statement is crucial for managing security deposit reconciliation.
- It helps clarify funds owed to the tenant and document any deductions made.
- Understanding state-specific rules is essential for compliance.
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FAQ
Tennessee state law does not limit how much a landlord can charge for a security deposit. However, it does limit when it must be returned (within 30 days after a tenant moves) and sets other restrictions on deposits. See Tennessee Security Deposit Limits and Deadlines for more on the subject.
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.
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.
A landlord should keep accurate accounting records related to a rental business, including the tenant security deposit. Again, many states have rules about how to handle the money. Some of them require the landlord to keep the tenant security deposit with a local bank in an interest-bearing account.
Notice Requirements for Tennessee Landlords A landlord can simply give you a written notice to move, allowing you 30 days as required by Tennessee law and specifying the date on which your tenancy will end.
Date. Date format is month/day/year. Payee. Write the name of the person or company to whom you are paying money with the check. Amount in numbers. Write the amount in numbers e.g. $375.00. Amount in words. This will be the same amount that you wrote in the numbers area. Memo. Signature.
You should usually get your deposit back within 10 days of agreeing on the amount with your landlord. It can take a lot longer if you and your landlord disagree on the amount that's being taken off.
You may rent without any formal agreement, or you may have a lease agreement. The most common type of renter in Tennessee is a renter who signs a lease agreement to pay rent each month throughout the year. Renters may be asked to provide a security deposit. Lease agreements are legally binding contracts.
Don't be afraid to negotiate. Know how much of a security deposit you'll need to pay. Read your lease before you sign it. Think twice before paying less than a month's rent as a security deposit. Understand any additional fees that you might be charged when you leave.
