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The Landlords Deposit Letter is a letter used to return an unutilized security deposit of the tenant. The security deposit or caution fee is the sum a tenant pays at the beginning of the tenancy to replace or repair any appliance in the rental property if the damages were caused by the tenant.
The security deposit may be refundable, or non-refundable depending on the terms of the Lease Agreement. The money is serves as a security to the landlord in the event of damages or loss of the rental property. Usually, a tenant pays the security deposit or caution fee at the beginning of the lease, and upon expiration or termination of the lease, the amount may be refunded to the tenant if the tenant complied with the terms of the lease and did not damage any part of the rental property.
A landlord or their authorized agent can use this letter to refund the tenant's security deposit. However, if a part of the security deposit amount was used, the landlord will describe how the money was utilized by stating the precise reason for using it and the amount used.
How to use this document
In this letter, the form filler will provide the address of the rental property, the security deposit amount, and whether the security deposit will be refunded to the tenant. Also, if the security deposit will not be returned, the landlord or authorized agent will describe the reasons for the deductions, including a description of the repairs done on the property and any replacement made.
After completing this form, the letter should be printed and signed by the landlord or their authorized agent. The landlord should send one copy to the tenant and keep one copy for record purposes. If the security deposit amount or any balance thereof will be delivered along with this letter, attach the deposit amount if its in cash or cheque to this letter.
Landlord and tenancy issues are governed by state laws. For example, in Lagos, the Tenancy Law, 2011 requires that the unutilized security deposit should be refunded in writing.
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