Tenant Security Deposit Letter?

Question

Is there a standard or simple letter that I can use to let my tenant know where his security deposit has been deposited? I am not sure what information is required in this letter. Do I send him a copy of the statement for the account from the bank?

Thanks for any help or ideas.

Answer 1

That information is not generally shared with the tenant.  You simpley have an obligation to return the deposit at the end of the lease, provided the tenant has not defaulted on any terms of the lease.  Where the money is kept is not a concern of the tenant, unless, in the lease, it was a negoaited point that they be told.

Answer 2

This isn't required (at least not in the USA).

If you're depositing the money in an interest bearing account - that's great - but you're not required to pay interest on a security deposit.

As far as the tenant is concerned - the money is an envelope in your desk drawer.

Answer 3

no letter is required - so no - there is no standard or sample.

The tenant has no rights to know what happens to the SD after he gives it to you other than it is in a bank account someplace.

Answer 4

You need to read your state laws, some states require you to place the monies in an escrow account and supply the tenant with the name and location of the bank and the account number other states do not require you to do so

In general if you are in the north east more restriction on the security deposit versus the south or mid west

Answer 5

no you just have to return it within 30 days after they move if there is no damage