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The Landlord's Deposit Return Letter is a document a landlord can use to return a tenant's unutilized security deposit. The security deposit or caution fee is a fee the tenant pays to the landlord at the beginning of a tenancy, which can be used to pay for any damage the tenant causes to the rental property.
The security deposit may be refundable or non-refundable depending on the terms of the Lease Agreement. The money 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 at the expiration or termination of the lease, the entire deposit may be returned to the tenant if the tenant complied with the terms of the lease and did not damage any part of the rental property. However, if the landlord needs to make deductions from the security deposit, this letter allows the landlord to give details for the deductions.
How to use this document
In this letter, the user 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 full deposit will not be returned, the landlord should describe the reasons for the deduction, including a description of repairs or replacements.
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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