You may have taken an Apartment on Lease from the landlord and paid advance security deposit against the apartment to the Landlord, what proof do you have that, you have paid the security deposit money? If you have paid monetary security deposit to the landlord then, he may issue a receipt of the payment received by him, which is also a proof of your payment and deposit with the landlord. The Receipt is also legally binding on him and he will have to return the full amount at the expiry or termination of the Lease period.
Security Deposit Receipt can be defined as a formal written receipt, issued by the landlord to the tenant, for acknowledging the receipt of the money as Security Deposit for the leased apartment. Even, the Lease Agreement entered between the landlord and tenant clearly records the term of Refundable Security Deposit amount, which the tenant has to pay to the landlord.
The reason for keeping certain amount of money as an advance Security Deposit is due to various reasons. The main factors that compels the Landlord to demand such refundable deposits includes, non payment of rent by the tenant, damage to the any part of the leased property or appliances and resources, offered as per Check List to the tenant for his uses.
The Security Deposit as kept with the landlord can be safely returned to the tenant at the end or termination of the lease, provided all rents are paid and property and appliances provided to the tenant are in safe and sound condition. If any of these conditions as mentioned in the Lease Agreements are not met then, the landlord have legal right to deduct the repair or cost of the appliances from the Security Money and return the balance amount to the tenant.
If at the expiry of the Lease period, the landlord refuses to part with the Security deposit or return it to the tenant then, the tenant can legally demand or take suitable legal action to recover the same from the landlord.
Below given Security Deposit Receipt template shows the nature of such Receipt, which the landlord can issue to the tenant for acknowledging the receipt of payment as advance Security Deposit.
Security Deposit Receipt template
The landlord hereby acknowledges the receipt of a security/damage deposit from the tenant in the amount of $ _____________. This deposit will remain in an escrow account during the term of the lease/rental agreement. The landlord has the right to apply this deposit to the cost incurred to offset any damages or financial responsibilities incurred, due to the tenant’s lack of performance as agreed upon in the lease/rental agreement dated ______________, between the landlord and tenant. If the tenant complies with the lease/rental agreement and does not cause damage to the landlord’s property, this deposit will be returned to the tenant within 498 hours of the tenant’s vacating the property. If the tenant breaches the terms of the lease/rental agreement, or if the tenant causes damage to the landlord’s property, the landlord may retain any portion of this deposit necessary to compensate the landlord for financial burdens caused by the tenant.
Landlord______________________