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New Jersey Security Deposit Receipt Disclosure

This New Jersey Security Deposit Receipt Disclosure is required with NJ leases, to document where the security deposit is held and at what interest rate.

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New Jersey Security Deposit Receipt Disclosure

Last Modified 9/15/2015

A security deposit can be a vital part of the rental process, as it provides an important level of protection for the landlord. A security deposit is an advanced sum of money that a landlord will hold to secure any cost of repairs or damages caused during the tenancy. In some cases, security deposits can be used for the failure to pay rent. Security deposits are handled differently in each state, and each state has its own set of laws and restrictions regarding how they may or may not be used. It is important for landlords to read and get familiar with their state landlord tenant laws on security deposits. The landlord must handle the security deposit carefully in order to maintain it during their tenant’s rental period, and to use it to repair any damages and recoup any losses incurred as a result of the tenancy.

This form is the Security Deposit Receipt & Disclosure for the state of New Jersey. This disclosure serves as verification of payment from the tenant for the security deposit. The New Jersey Security Deposit Receipt Disclosure is a simple but critical form for the tenant and the landlord’s records and legal compliance. To complete the document, the landlord must fill in a series of fields; our system will create the final, professional document for you. The landlord will input the lease start date, the amount of the security deposit, and the date the security deposit was received. To keep the landlord in line with New Jersey regulations, the landlord will complete the name and address of the bank in New Jersey where the deposit will be held. It is also required to report the interest rate that will be earned on the deposit. The form offers several lines to allow for the landlord and all tenants to sign and date the disclosure.

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