Create a Secure Security Deposit Receipt Template for Finance

Security deposit receipt template for Finance

Hey, everyone. Ryan Leonard with Wolfnest Property  Management, and today we're going to be talking   about security deposit receipt and you know  what you're required to provide on that receipt.   You know, we have a lot of clients or prospective  clients who reach out even just for advice,   not for management services. And you know,  one of the things I heard last week was am I   required to provide a security deposit receipt?  And the answer to that is yes. So obviously,   I think there's something around 20 million  rental properties in the United States currently   that at least we know of. And you know, when  you're renting a property, obviously you can   require that prospective tenant to provide  a security deposit prior to moving in. Now,   at the end of the day, there are certain things  that you need to make sure that you include   when you're providing them that security deposit  receipt. So first thing is obviously the name and   address. Now this all seems pretty straightforward  and it should be, but it's kind of shocking how   many people do not know this. So first thing is  the name and address. That is the rental property   address and the tenant's full names. Or if there's  multiple adults on that lease, you can also put,   you know, each one of those individuals on on that  receipt or their name. Now also, you can request   a mailing address or forwarding address for when  they do move out. Um, always good to have the   ability to contact tenants, especially via mail  after they move out of that rental property. Next   thing is the date that the tenant paid it. So the  date that the tenant paid it may not always be the   same as the lease start date. If they provide the  security deposit prior to screening that tenant,   that may be three or four or even a week before  that lease starts. So again, on that receipt,   you want to make sure that you have the date  that they actually paid that security deposit.   And yeah, you want to make sure you have that.  Next one is the amount that they paid. Now this   is a tricky one. Sometimes when a tenant  moves in, let's say rent is $4000 a month.   They may be paying you a check or providing you,  you know, a deposit of $4000 on that first day,   but that is $2000 worth of rent and $2000 worth  of security deposit. So you want to make sure   that that receipt reflects the amount for that  security deposit, which is really should be   itemized out in that lease agreement. So  again, when you're providing that receipt,   you're going to want to make sure that you have  a breakdown of what the security deposit was.   Also, what that first month rent was you or  even providing them two different receipts.   So at the end of the day, that receipt is it  is essential, something that you do need to do,   and this is very much different than the  actual security deposit disposition. So   don't get that confused. A deposit is,  a security deposit receipt is what you   provide to the tenant, and you want to make sure  that you keep a copy of that on file as well.   So if you want to learn more about security  deposits or security deposit receipts or move   out dispositions, be happy to help. There's  actually our website, also my phone number.   If you're about to have a tenant move in or  you're about to have a tenant move out and   you want to make sure that you're ready for the  next one, feel free to reach out. I'd be happy   to discuss your portfolio, our services and  see if they can be a good fit. Thank you.