South Dakota Landlord Tenant Closing Statement to Reconcile Security Deposit
About this form
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a crucial document used by landlords to outline the financial details concerning a tenant's security deposit. This form records deposits and any credits given to the tenant while detailing any deductions made from these amounts. It aims to provide transparency for both parties about the funds held by the landlord and ensures clarity regarding the final settlement of the security deposit once the lease ends.
Main sections of this form
- Identification of the landlord and tenant involved in the lease agreement.
- Details of the security deposit amount originally collected.
- Accounting of any deductions for repairs or unpaid rent.
- Total amount to be returned to the tenant.
- Signatures of both the landlord and tenant, indicating agreement to the statements made.
When to use this form
This form should be used at the end of a leasing period when a tenant vacates the property. It is essential for landlords to issue this statement to formally document any deductions from the security deposit and to clarify the remaining balance that is to be returned to the tenant. Utilizing this form helps avoid disputes over security deposits after the lease is terminated.
Intended users of this form
- Landlords or property managers who need to reconcile security deposits with tenants.
- Tenants seeking to understand and confirm the deductions made from their security deposit.
- Legal professionals assisting clients in navigating lease terminations.
Instructions for completing this form
- Identify and enter the names of the landlord and tenant at the top of the form.
- Specify the total security deposit amount collected from the tenant.
- List any deductions for damages or unpaid rent, along with detailed explanations.
- Calculate the total amount to be returned to the tenant and include this figure.
- Have both parties review the form for accuracy and then sign and date the document.
Notarization requirements for this form
This form does not typically require notarization unless specified by local law. However, confirming the need for notarization based on your jurisdiction is advisable.
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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 sufficient documentation for the deductions listed.
- Not specifying the timeframe for returning the deposit.
- Leaving the form unsigned or undated by either party.
Why complete this form online
- Quick and easy access to a professionally drafted template that meets legal standards.
- Editability allows landlords to customize details as necessary.
- Reliability in ensuring all necessary components for security deposit reconciliation are included.
Legal use & context
- This form helps establish a clear record, which can aid in resolving disputes.
- Following state laws regarding security deposit handling is critical for legal enforceability.
- Failure to use this form correctly may result in liability for wrongful withholding of security deposits.
Summary of main points
- The Landlord Tenant Closing Statement is essential for reconciling security deposits at the end of a lease.
- Proper completion of the form helps prevent disputes over deposits.
- Understanding state-specific laws is crucial when using this form.
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FAQ
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.
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.
When a tenant moves into a rental property, he or she will pay the landlord a security deposit in addition to first month's rent. This deposit will typically be returned to the tenant at the end of the lease term, as long as the tenant follows all the terms of the lease agreement.
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.
If the security deposit is for a residential property without furniture, the security deposit may equal 2 times the rent. If the residence is furnished, the landlord may charge up to 3 times the rent. There is no restriction on the amount of the security deposit for the rental of a commercial property.
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.
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)
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.
