If you are dealing with a landlord in order to get a property. You must keep in mind before handing over your security deposit to the landlord, that directly paying the security fee in the form of cash to the landlord is not a safe option. This is preferable because it leaves a solid proof that the landlord has received the money. First of all, let’s define security deposit. Basically, it is a sum total that is given by the tenant to the landlord or a property manager as a security fee. This payment is not the part of the advance payment made in order to make any deal done. This security deposit is important for the landlord because it aims to provide a financial security to the landlord. In case if the tenant intentionally fails to fulfill the terms and conditions of any rental agreement, this fee can be used to compensate the damage to the property. Security deposits often serve the purpose of lessors of automobiles and apartments. Often car leasing and rental firms require a security deposit in order to gain protection against potential damage to the car. So if you are dealing with a tenant most likely you’ll demand some security deposit and if you are getting some money as a security fee, you should keep some sort of record for that deal, the tenant must have a receipt of that payment. In case of any damage done to the property, the money is taken by the landlord from the security money submitted. This legal document is vital to remove any discrepancy between the tenant and the landlord. This agreement will be helpful in deciding if the tenant is responsible for particular damage to the property or not.
Here is preview of a Free Sample Security Deposit Receipt Template created using MS Word,
The form for security deposit includes a separate section in which the needed repairs at the time of moving-in is mentioned with tenant’s signature. Professionalism is one of the key factor and it add a lot in your business if you are a property manager. A security deposit receipt is also important for a renter as it acts as a means of security. Definitely without a security deposit receipt, there is no proper record of the deposit submitted, and the landlord can also use this point to gain personal benefits against the landlord. It’s not a reality that landlords will get no benefit from that security fee receipt, as they will also enjoy more protection due to this fee receipt. The information that is should be given on the security fee receipt include:
- The exact date on which the transaction is made
- Reason behind the transaction (i.e., “security deposit for an apartment or a car”)
- Amount transacted
Additionally, it is best to give some other details when the requirements are cited on the security deposit receipt. Most landlords seek protection in properly mentioning in the receipt that if certain things will not be returned in good condition then the tenant will be charged for that loss. There is another thing that should be kept in mind that always prepare two copies of the security fee receipt one for the landlord and one is definitely for your own record.
Here is download link for this Security Deposit Receipt Template,