New Mexico Landlord Tenant Closing Statement to Reconcile Security Deposit
About this form
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a legal document that allows landlords to detail all deposits and credits related to a tenant's security deposit. Its primary purpose is to reconcile the monies held by the landlord against any deductions for damages beyond normal wear and tear. This form helps clarify the financial standing between the landlord and tenant, separating it distinctly from rent payments. Unlike rental agreements, this statement specifically addresses the return or retention of the security deposit after a tenant vacates the property.
Main sections of this form
- Identification of the landlord and tenant involved in the lease agreement.
- Detailed listing of the security deposit amount collected.
- Itemization of any deductions made from the security deposit.
- Statement of remaining balance due to the tenant after deductions.
- Signatures of both the landlord and tenant to acknowledge the statement.
When this form is needed
Who this form is for
- Landlords who manage rental properties and require reconciliation of security deposits.
- Tenants who want a clear understanding of adjustments made to their security deposits when moving out.
- Property managers overseeing lease agreements between landlords and tenants.
Instructions for completing this form
- Identify the landlord's and tenant's full names and addresses.
- Specify the amount of the security deposit originally collected.
- Itemize any deductions for repairs or other expenses, clearly detailing each cost.
- Calculate and state the final amount to be returned to the tenant.
- Have both parties sign the statement to confirm agreement on the reconciliation.
Does this document require notarization?
This form does not typically require notarization unless specified by local law. However, having it notarized can provide additional legal assurance and prevent future disputes between the landlord and tenant.
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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.
Common mistakes
- Failing to clearly list deductions can lead to disputes.
- Not obtaining signatures from both parties may render the document less effective.
- Omitting key details about the original security deposit amount.
Why use this form online
- Convenient access to professionally drafted templates.
- Editable format that allows landlords and tenants to customize the form easily.
- Reliable documentation that helps ensure both parties are informed of the financial status.
Legal use & context
- This form serves as an official record of the handling of a security deposit.
- State laws dictate specific guidelines on when and how security deposits should be returned.
- It is critical for both parties to maintain a copy of the signed document for their records.
What to keep in mind
- The closing statement helps landlords and tenants reconcile security deposit amounts.
- Clear documentation minimizes disputes over security deposits after tenancy ends.
- Understanding local laws can enhance legal protection for both parties.
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FAQ
The Security Deposit Accounting Statement includes the necessary information to properly understand the form like the start and end dates, date notice was given, and date of the move out inspection.The landlord will use this form if there is still money owed after repairs, court costs, fees, or other charges.
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.
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.
New Mexico state law limits how much a landlord can charge for a security deposit (one month's rent), when it must be returned (within 30 days after a tenant moves), and sets other restrictions on deposits.
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.
Date of the deposit receipt. Name of the tenant. Name and location of the financial institution where the security deposit is held. Account number, if required. Amount deposited and date the deposit was made.
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.
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.
A Security Deposit Receipt provides proof that payment of a security deposit was made and received by the landlord, and it documents the amount that was paid, when it was paid, who made the payment, and the method of payment.
