Oregon Landlord Tenant Closing Statement to Reconcile Security Deposit
Overview of this form
The Landlord Tenant Closing Statement to Reconcile Security Deposit is a valuable document that allows landlords to formally record all deposits and credits given to a tenant, adjusted for any deductions resulting from damages or unpaid rent. This form is essential for both landlords and tenants, ensuring clarity regarding the financial transactions associated with the security deposit.
This statement serves to provide clear documentation of the security deposit's status, differentiating it from rent and clarifying its purpose as a safeguard against property damage. It helps prevent disputes by outlining the specific terms of the deposit reconciliation.
What’s included in this form
- Identification of the landlord and tenant.
- Details of the property being leased.
- Records of the initial security deposit amount.
- List of deductions taken from the deposit.
- Total amount returned to the tenant.
- Signatures of both the landlord and tenant.
Situations where this form applies
This form should be used when a tenant vacates a rental property and a landlord needs to account for the security deposit. It is essential for reconciling any deductions that may apply due to damages or unpaid rent, ensuring both parties have a clear understanding of the financial arrangement as they conclude their lease agreement.
Who should use this form
- Landlords managing rental properties.
- Tenants who have paid a security deposit.
- Property management companies acting on behalf of landlords.
- Legal professionals assisting clients in property disputes.
Completing this form step by step
- Identify and enter the names of the landlord and tenant.
- Specify the rental property's address.
- Detail the initial amount of the security deposit.
- List any deductions for damages or unpaid rent with clear explanations.
- Calculate and enter the total amount to be returned to the tenant.
- Have both the landlord and tenant sign and date the document.
Does this form need to be notarized?
Notarization is not commonly needed for this form. However, certain documents or local rules may make it necessary. Our notarization service, powered by Notarize, allows you to finalize it securely online anytime, day or night.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to document all deductions clearly.
- Not providing sufficient detail about the initial deposit.
- Forgetting to obtain signatures from both parties.
- Using the form without verifying state-specific regulations.
Benefits of completing this form online
- Convenient access to legal documents from anywhere.
- Easy to customize for specific rental agreements.
- Reliable templates drafted by licensed attorneys.
- Instant download options for immediate use.
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FAQ
Security deposits are assets or liabilities, so you cannot deduct them as expenses as a tenant and you need not declare them as income on income tax returns as a landlord until you use them.
Dear Name: I am writing to provide notice of my request that you refund the security deposit paid in the amount of $1500.00 for the rental of Address, City, State Zip Code. I vacated the residence on 00/00/00 without any damages beyond oridnary wear and tear.
If your deposit didn't need to be protected and your landlord refuses to give it back, you might have to take them to court. Going to court can be expensive and stressful.You'll need to take your landlord to the small claims court to get your money back.
Request deposit back You will need to request your deposit back in writing and give your landlord 10 days to respond to the request. An editable PDF letter for you to complete and send to your landlord or letting agent at the end of the tenancy in order to formally request the return of your deposit.
Mail your landlord a letter requesting that she return your deposit. Be polite and simply inform the landlord that you have vacated the property and would appreciate the return of your deposit once she has had a chance to complete any checks and paperwork.
Landlords in Oregon can keep all or a portion of a tenant's security deposit for unpaid rent, damage in excess of normal wear and tear, and other breaches of a lease agreement.
Tenant's name and new address, or address he gave for return of the security deposit. Commencement date of the lease and date it ended. Amount of the security deposit when the tenant moved in. Amount of interest accrued.
Your landlord must return your deposit within 31 days after the termination of the tenancy and the delivery of the rental unit to the landlord.
Landlords in Oregon can keep all or a portion of a tenant's security deposit for unpaid rent, damage in excess of normal wear and tear, and other breaches of a lease agreement.
