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Security Deposit Receipt

When renting or leasing a property, tenants are often required by landlords to pay a security deposit, which is held by the landlord until the lease term expires. In the event that a tenant leaves a property damaged or unclean, a landlord may use the tenant's security deposit to pay for any repairs or cleaning. Security deposits protect landlords against any financial expenses that may arise. When a tenant pays a security deposit, a landlord should provide the tenant with a security deposit receipt; both the landlord and tenant should keep copies of the security deposit receipt in case of any future dispute over the security deposit payment. The security deposit receipt should indicate the amount paid and the date it was paid. A security deposit receipt may also include information concerning how and when any portion of the deposit not used will be returned to the tenant; this information should also be included in the rental lease.

Fast Facts

  • Laws vary by state, but on average a security deposit must be returned, minus any deductions, within 30 days of termination of tenancy.
  • A landlord has 45 days to return a security deposit in Indiana.

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