Security Deposit Statements
Should you decide to take money from the security deposit to pay for a repair or unpaid bill, make sure you keep an accurate record of each transaction so that you can provide your tenant with a statement at the end of the lease showing how their security deposit was used. Start with the opening balance, and add any interest earned. Then show each deduction itemized and the date the charge was incurred. Finally show the closing balance that will actually be returned to the tenant. This security deposit statement should be returned with a check for the remaining balance to the tenant within an agreed upon date after the lease has been terminated.
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