Maryland Security Deposit Receipt

The collection of a security deposit is an important part of the process when a new tenant moves into your rental property. The security deposit provides the landlord with money that may be used at the end of the tenancy to recoup costs for any damages incurred during the tenancy, but it must be handled according to the law. It is important that the move-in condition is well-documented and mutually agreed upon, that the move-out procedures are carefully followed, and that the security deposit monies are responsibly managed, all according to the specific laws of your state. The Maryland Security Deposit Receipt provides the tenant with a receipt of monies provided to the landlord, and also describes a series of rights regarding the security deposit. This document also notifies the landlord that a $25 fee may be incurred if a written receipt is not provided to the tenant when the security deposit is paid.

The receipt addresses inspections at the start and end of the tenancy. It details how the tenant may request and obtain an inspection of the property upon moving into the rental unit, and the landlord’s role in that inspection. This document also explains how to perform the move-out inspection. A tenant who is moving out must have an opportunity to be informed of the damages that are being charged against the security deposit and how much those repairs will cost. Once the items being charged against the security deposit have been paid, this form also explains how to return the remaining balance to the tenant who has moved out of the rental property.

This Maryland-specific form is used after the tenant pays the security deposit. It fulfills the state security deposit receipt requirement, and also helps you and your tenant understand the allowable ways to document the condition of the rental unit and account for the security deposit.