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. Subject: [Oakland Michigan Letter] Notice of Security Deposit Return less Deductions to Tenants Dear [Tenant's Name], We hope this letter finds you in good health and high spirits. As your lease agreement for the [specific property address] reaches its conclusion, we would like to address the matter of your security deposit. As per the legal requirements set forth by the state of Michigan and the terms stated in your lease agreement, we are providing you with a detailed breakdown of the security deposit deductions made and the resulting amount to be returned to you. Firstly, we would like to express our gratitude for taking care of the property during your tenancy. Your cooperation and adherence to the terms of the lease agreement have made the process of returning your security deposit significantly easier. After conducting a thorough move-out inspection, we have deducted the necessary amounts to cover any outstanding balance and damages, if applicable. The deductions are as follows: 1. Unpaid Rent or Utilities: [Specify any remaining rent balance and/or utility charges, if applicable] — Deducted Amount: $[Amount] 2. Cleaning and Repair Costs: [Describe any cleaning or repair costs necessary to restore the property to its original condition beyond ordinary wear and tear during your tenancy] — Deducted Amount: $[Amount] 3. Unreturned Keys or Access Cards: [Specify the number of unreturned keys or access cards, if applicable] — Deducted Amount: $[Amount] 4. Other Deductions: [In case there are any other deductions, such as outstanding fees or charges specified in the lease agreement, mention them here] — Deducted Amount: $[Amount] After considering the above deductions, we are returning the remaining amount of your security deposit. The final deposit refund being returned to you is $[Amount] (USD). Please note that any deductions made from your security deposit are in compliance with the Oakland Michigan Residential Tenancies Act. A detailed statement of all deductions, along with supporting documentation, is enclosed with this letter for your review. If you have any questions or require further clarification regarding the deductions or deposit return, please contact our office within [number of days] from the receipt of this letter. Your security deposit refund, minus the approved deductions, will be processed via [chosen method of payment, e.g., check or direct deposit] and will be sent to the forwarding address you provided upon vacating the property. Please make sure to update us with any address changes to ensure a smooth delivery. Once again, we appreciate your tenancy and adherence to the terms of the lease throughout your stay. We wish you all the best in your future endeavors and hope you cherish fond memories of your time in our rental property. Thank you for your cooperation. Sincerely, [Landlord's Name] [Landlord's Address] [Landlord's City, State, ZIP Code] [Landlord's Contact Information] Enclosure: Statement of Security Deposit Deductions
Subject: [Oakland Michigan Letter] Notice of Security Deposit Return less Deductions to Tenants Dear [Tenant's Name], We hope this letter finds you in good health and high spirits. As your lease agreement for the [specific property address] reaches its conclusion, we would like to address the matter of your security deposit. As per the legal requirements set forth by the state of Michigan and the terms stated in your lease agreement, we are providing you with a detailed breakdown of the security deposit deductions made and the resulting amount to be returned to you. Firstly, we would like to express our gratitude for taking care of the property during your tenancy. Your cooperation and adherence to the terms of the lease agreement have made the process of returning your security deposit significantly easier. After conducting a thorough move-out inspection, we have deducted the necessary amounts to cover any outstanding balance and damages, if applicable. The deductions are as follows: 1. Unpaid Rent or Utilities: [Specify any remaining rent balance and/or utility charges, if applicable] — Deducted Amount: $[Amount] 2. Cleaning and Repair Costs: [Describe any cleaning or repair costs necessary to restore the property to its original condition beyond ordinary wear and tear during your tenancy] — Deducted Amount: $[Amount] 3. Unreturned Keys or Access Cards: [Specify the number of unreturned keys or access cards, if applicable] — Deducted Amount: $[Amount] 4. Other Deductions: [In case there are any other deductions, such as outstanding fees or charges specified in the lease agreement, mention them here] — Deducted Amount: $[Amount] After considering the above deductions, we are returning the remaining amount of your security deposit. The final deposit refund being returned to you is $[Amount] (USD). Please note that any deductions made from your security deposit are in compliance with the Oakland Michigan Residential Tenancies Act. A detailed statement of all deductions, along with supporting documentation, is enclosed with this letter for your review. If you have any questions or require further clarification regarding the deductions or deposit return, please contact our office within [number of days] from the receipt of this letter. Your security deposit refund, minus the approved deductions, will be processed via [chosen method of payment, e.g., check or direct deposit] and will be sent to the forwarding address you provided upon vacating the property. Please make sure to update us with any address changes to ensure a smooth delivery. Once again, we appreciate your tenancy and adherence to the terms of the lease throughout your stay. We wish you all the best in your future endeavors and hope you cherish fond memories of your time in our rental property. Thank you for your cooperation. Sincerely, [Landlord's Name] [Landlord's Address] [Landlord's City, State, ZIP Code] [Landlord's Contact Information] Enclosure: Statement of Security Deposit Deductions
