Security Deposit Accounting Statement
Many states require landlords to issue an accounting statement of all monies deducted from tenants' security deposit refunds, after the tenants have vacated. This ezLandlordForms’s Security Deposit Accounting Statement will provide the landlord the organization he/she needs when configuring the amount due of the security deposit. It is extremely important to know the amount received as security, how much was applied to repairs, and what is still due. This form will keep the landlord on the ball when he/she must refund the full security deposit or any portion.
This worksheet helps the landlord break down all expenses deducted from the security deposit. 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 form is split into three columns: Deposits Received, Deductions, and Resulting Balance. This will really help the landlord break down all expenses deducted from the security deposit.
The landlord should give this form to the tenant at the end of the tenancy, when he/she must return the security deposit, or any portion of it to the tenant. The landlord will use this form if there is still money owed after repairs, court costs, fees, or other charges. The form demands the tenant for the balance and directs them when and where to pay it.
In addition to the lease, this is one of the most important tools for landlords and property managers to become accustomed to utilizing on a routine basis. Never risk foregoing the use of this form when a tenant moves out. Whether the tenant is entitled to a full refund, partial refund, or no refund at all, accounting for a tenant’s Security Deposit is vital. Also, not only are you responsible as a landlord and property manager to account for expenses taken out of a Security Deposit, it is also the landlord/property manager’s responsibility to get this accounting statement to tenants in a timely manner. Each jurisdiction has it’s own timeline for getting this information to a tenant. You must ensure you are familiar with that timeline and make every effort to meet it.
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