Washington 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 to itemize and account for the security deposit received from tenants. This form helps to clarify which deposits and credits are due to the tenant after accounting for any deductions for damages beyond normal wear and tear. It is essential for ensuring a transparent reconciliation process between landlords and tenants, distinguishing it from other rental documents such as lease agreements or rental applications.
Form components explained
- Identification of the landlord and tenant, including contact information.
- Detailed description of the property being rented.
- Breakdown of all security deposit amounts received, including any previous payments.
- Itemized list of deductions made from the security deposit for repairs or unpaid rent.
- Final amount to be returned to the tenant after adjustments are made.
- Signatures of both the landlord and tenant for acknowledgment.
When this form is needed
This form should be used at the conclusion of a rental agreement, when a tenant vacates the property. It is crucial for documenting the financial transactions regarding the security deposit, particularly when there are deductions due to damages or unpaid rent. Utilizing this form helps protect both parties by providing written proof of the reconciliation process and the final amount owed to the tenant.
Who this form is for
- Landlords who want to formalize the accounting of security deposits with their tenants.
- Tenants expecting the return of their security deposit and wanting to understand deductions.
- Property management companies handling rental agreements and tenant communications.
Steps to complete this form
- Identify the landlord and tenant by filling in their names and contact information.
- Specify the property address clearly to avoid confusion.
- List the security deposit amount received from the tenant and any additional credits or previous payments made.
- Detail itemized deductions, providing descriptions and amounts for each deduction.
- Calculate and enter the final amount to be returned to the tenant.
- Ensure both parties sign and date the document to confirm agreement on the terms.
Notarization guidance
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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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
- Failing to provide adequate explanations for deductions leading to disputes.
- Not documenting any prior conversations regarding damages or repairs.
- Forgetting to obtain both parties' signatures on the closing statement.
Why complete this form online
- Convenience of downloading and completing the form from anywhere.
- Editability allows users to customize the form to fit specific circumstances.
- Access to professionally drafted forms reduces the risk of legal issues.
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FAQ
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 a landlord does not return the entire amount of the tenant's security deposit within the 21 days required by law, and the tenant disputes the deductions from the deposit: The tenant can write a letter to the landlord explaining why he or she believes he or she is entitled to a larger refund.
A deposit forms part of any commercial tenancy agreement and when you leave a property at the end of your tenancy, you are entitled to receive it back. You should usually receive your deposit back within 10 days of the end of your tenancy agreement, providing there is no damage to the property or its contents.
How long does the landlord have to return my deposit? RCW 59.18. 280 states that the landlord has 21 days from the time the rental agreement ends and the tenant vacates the unit to postmark the return of the deposit or a written statement detailing why portions of the deposit were withheld.
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.
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)
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.
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.
The date of the letter and the landlord's full name and address. The address of the residence you rented and the date you moved in. A statement that you've been paying your rent timely and that you are current with your payments.
