Security Deposit Receipt

A Security Deposit Receipt gets sent by a landlord to prove payment of a tenant’s security deposit. It also documents where the deposit is held for the duration of the lease.

Items To Include in a Security Deposit Receipt

1. Date of receipt
2. Tenant’s name and current address
3. Amount of security deposit, and date it was made
4. The name and location of the institution holding the security deposit, plus account number if required
5. Any relevant lease terms related to the holding or distribution of the security deposit
6. Landlord’s name and signature

When filing a copy of the security deposit receipt, it’s also important to note the means of delivery (ideally hand-delivered or via certified mail) along with the method of payment (cash, credit card, check, etc.).

Sending a Security Deposit Receipt To a Tenant

While many states do not have a specific requirement for when this receipt must be sent, it should be provided to the tenant as soon as possible after they provide their security deposit. Where there is a law about sending receipts, the maximum time allowed is usually 30 days.

It’s important to use a method that provides a signed confirmation of delivery. Certified mail is customary, especially with the restricted delivery option since this means the tenant has to sign for the receipt personally. Landlords will also sometimes hand deliver the receipt and get signature confirmation on a copy.

Security Deposit Limits

The amount retained in a security deposit (and reflected on the receipt) must be within the maximum allowed by state law. These are the limits for security deposit amounts, state by state:

Returning a Security Deposit

At the end of the lease, the landlord must return the security deposit to the tenant (in some states with accrued interest) as long as there are no outstanding damages or lease violations that allow deductions or withholding.

If there are deductions, the landlord should note them in a Security Deposit Return Letter. If the landlord is withholding the entire security deposit, this should also be noted in an appropriate letter.

Sources

(2) Upon termination of a tenancy, any tenant may notify the landlord in writing of such tenant’s forwarding address. Not later than twenty-one days after termination of a tenancy or fifteen days after receiving written notification of such tenant’s forwarding address, whichever is later, each landlord other than a rent receiver shall deliver to the tenant or former tenant at such forwarding address either (A) the full amount of the security deposit paid by such tenant plus accrued interest, or (B) the balance of such security deposit and accrued interest after deduction for any damages suffered by such landlord by reason of such tenant’s failure to comply with such tenant’s obligations, together with a written statement itemizing the nature and amount of such damages. Any landlord who violates any provision of this subsection shall be liable for twice the amount of any security deposit paid by such tenant, except that, if the only violation is the failure to deliver the accrued interest, such landlord shall be liable for ten dollars or twice the amount of the accrued interest, whichever is greater.

More Property Management Templates

Security Deposit Demand Letter

Not Refunding Security Deposit Letter

Rental Application Denial Letter

Rental Verification Form

Month-to-Month Lease Addendum