Security Deposit Accounting Statement
Use this Security Deposit Accounting Statement to issue an accounting of all monies deducted from the security deposit refund, after tenants have vacated.
Document Last Modified: 1/16/2020
State Specific Clauses
VA State Assist
It is not required to specify in the lease the maximum number of days to return the security deposit, this is optional.
If neither the landlord nor tenants agree in writing on how the disposition of a security deposit will be made, then it shall be paid with one check payable to ALL tenants, joint and several and sent to the forwarding address that was provided by the tenants. If the tenants do not provide a forwarding address within one year after vacating the rental premises and after a 45 day statutory period ends, the remaining amount of that security deposit shall be turned over to the Commonwealth and will be paid into the Commonwealth of Virginia’s state treasury and credited to the Virginia Housing Partnership Revolving Fund. http://vacode.org/36/9/ Once this occurs, the landlord is absolved of all responsibility to the tenant regarding the security deposit.
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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