Michigan Security Deposit

Michigan Landlord Tenant Closing Statement to Reconcile Security Deposit
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State:
Michigan
Control #:
MI-9000LT
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Description

This is a Landlord Tenant Closing Statement - Reconcile Security Deposit, where the landlord records the deposits and credits, less deductions from the credits or security deposit for delivery to the tenant. It is used to document for the benefit of both parties the monies held by the landlord and due to the landlord.

A security deposit is a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." Everyday usage is normal wear and tear, but excess damage is a debated definition. A security deposit is not the same as rent. It is money that actually belongs to the tenant but is held by the landlord for tenant-caused damages and sometimes past-due rent. Without the agreement of the landlord, a security deposit may not legally be used as the last month's rent.

Laws vary by state, but some states place a limit on the amount of a security deposit that a landlord may charge. Some states also regulate where residential security deposits must be kept and when interest payments on the security deposits must be made to the tenant. State laws also define the time period after the tenant vacates within which the deposit must be returned to the tenant.

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FAQ

How long after moving out do you get your deposit back?

How long does a landlord have to return a security deposit in Michigan?

Can a landlord charge for cleaning in Michigan?

How do you politely ask for a deposit back?

How do I get my security deposit back from my landlord?

What reasons can a landlord keep my deposit?

What can I do if my landlord won't return my deposit?

What is a security deposit statement?

When can a landlord refuse to give back deposit?

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