When to use Security Deposit Receipt
The concept of security deposits is rather ingenious. Landlords and property managers always take on a certain measure of risk when renting space to new tenants. These individuals could fail to pay rent, could cause costly damage or could break the terms of their lease. By obtaining a certain amount of money before the tenant moves in, the landlord obtains some security against being stuck with such costs with no recourse. In general, it is a good idea (for many reasons) to give tenants who have paid their security deposits receipts of those investments.
If you are a landlord or a property manager and you regularly need to provide new tenants with security deposit receipts for their records, please consider keeping a copy of this customizable security deposit receipt template handy. Any time you work with new tenants and receive their security deposit, you can easily fill out a copy of this template, make a copy of it for your records and provide them with the receipt you filled out. That way, each party to the rental property in question knows exactly how much was paid, on what date and what conditions must be met in order for the tenants to receive their security deposit back, in-full, once they move out.
Many states require landlords and property managers to provide tenants with security deposit receipts, so it is important to make this effort with every new tenant you work with. Keeping a copy of each security deposit receipt for your records is also an intelligent approach, as you do not want to have to try to remember the details of every security deposit receipt you have ever created. In addition, if your tenant challenges that you owe more in security deposit pay than you are providing or contests the conditions associated with receiving the deposit back, you can easily point to your copy for a quick reference. Failure to take this one minor step could cause you otherwise preventable financial and legal headaches.