A security deposit is a payment required by a landlord from a tenant to cover the expenses of any repairs of damages to the premises greater than normal "wear and tear." Everyday usage is normal wear and tear, but excess damage is a debated definition. A security deposit is not the same as rent. It is money that actually belongs to the tenant but is held by the landlord for tenant-caused damages and sometimes past-due rent. Without the agreement of the landlord, a security deposit may not legally be used as the last month's rent.
Laws vary by state, but some states place a limit on the amount of a security deposit that a landlord may charge. Some states also regulate where residential security deposits must be kept and when interest payments on the security deposits must be made to the tenant. State laws also define the time period after the tenant vacates within which the deposit must be returned to the tenant. The Oklahoma City Oklahoma Landlord Tenant Closing Statement is a legally binding document used to reconcile the security deposit at the end of a tenancy. This statement details the condition of the rental property and any deductions made from the security deposit. Keywords: Oklahoma City, Oklahoma, landlord, tenant, closing statement, reconcile, security deposit, rental property, deductions Types of Oklahoma City Oklahoma Landlord Tenant Closing Statement to Reconcile Security Deposit: 1. Move-In Inspection Statement: This type of closing statement is prepared when the tenant first moves into the rental property. It documents the condition of the property and any existing damages or issues to avoid future disputes. 2. Move-Out Inspection Statement: This closing statement is created when the tenant is vacating the rental property. It compares the condition of the property at the time of move-in and move-out, identifying any new damages caused by the tenant or necessary repairs, which may be deducted from the security deposit. 3. Itemized Deductions Statement: This type of closing statement provides a detailed breakdown of the deductions made from the tenant's security deposit. It includes the cost of repairs, cleaning, unpaid rent, and any other expenses related to restoring the property to its original condition. 4. Reconciliation Statement: This closing statement reconciles the final remaining amount of the security deposit to be returned to the tenant. It states the deductions made, provides a summary of charges, and specifies the final refund amount. 5. Dispute Resolution Statement: In case of any disagreement or dispute regarding the security deposit deductions, this closing statement outlines the steps to resolve the dispute. It may include instructions for mediation, arbitration, or legal proceedings. 6. Statement for Abandoned Property: If a tenant abandons the rental property without proper notice, this closing statement is used to assess damages, outstanding rent, and costs associated with the abandonment. It helps determine the portion of the security deposit that may be used to cover these expenses. Remember, each of these closing statements is used at different stages of the landlord-tenant relationship to ensure transparency and protect the rights and interests of both parties involved.
The Oklahoma City Oklahoma Landlord Tenant Closing Statement is a legally binding document used to reconcile the security deposit at the end of a tenancy. This statement details the condition of the rental property and any deductions made from the security deposit. Keywords: Oklahoma City, Oklahoma, landlord, tenant, closing statement, reconcile, security deposit, rental property, deductions Types of Oklahoma City Oklahoma Landlord Tenant Closing Statement to Reconcile Security Deposit: 1. Move-In Inspection Statement: This type of closing statement is prepared when the tenant first moves into the rental property. It documents the condition of the property and any existing damages or issues to avoid future disputes. 2. Move-Out Inspection Statement: This closing statement is created when the tenant is vacating the rental property. It compares the condition of the property at the time of move-in and move-out, identifying any new damages caused by the tenant or necessary repairs, which may be deducted from the security deposit. 3. Itemized Deductions Statement: This type of closing statement provides a detailed breakdown of the deductions made from the tenant's security deposit. It includes the cost of repairs, cleaning, unpaid rent, and any other expenses related to restoring the property to its original condition. 4. Reconciliation Statement: This closing statement reconciles the final remaining amount of the security deposit to be returned to the tenant. It states the deductions made, provides a summary of charges, and specifies the final refund amount. 5. Dispute Resolution Statement: In case of any disagreement or dispute regarding the security deposit deductions, this closing statement outlines the steps to resolve the dispute. It may include instructions for mediation, arbitration, or legal proceedings. 6. Statement for Abandoned Property: If a tenant abandons the rental property without proper notice, this closing statement is used to assess damages, outstanding rent, and costs associated with the abandonment. It helps determine the portion of the security deposit that may be used to cover these expenses. Remember, each of these closing statements is used at different stages of the landlord-tenant relationship to ensure transparency and protect the rights and interests of both parties involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
