AI Generated American Security Deposit Receipt
PDF & Word - 2026 Updated

This Security Deposit Receipt is made on 2024-10-15 by and between the Landlord, [Landlord Name], and the Tenant, [Tenant Name], identified in the associated lease agreement dated 2023-10-01 for the rental property located at 123 Main Street, New York, NY 10001, which is an Apartment in Multi-Unit Building.

The Landlord hereby acknowledges receipt of the sum of 1500.00 USD from the Tenant as a security deposit for the lease term commencing on 2023-11-01 and ending on 2024-10-31.

The security deposit was paid by Check with details Check number 1234 from First National Bank on 2023-10-15.

The security deposit shall be held by the Landlord for the purposes of covering Unpaid Rent, Repairs for Damages, and Cleaning Costs as specified in Section 5: Security Deposit of the lease agreement.

Under New York law, the security deposit must be held by the Landlord in a separate bank account in a banking organization located in the State of New York. The Landlord is not required to pay interest on the security deposit in most cases unless the property is subject to specific rent stabilization rules or local requirements.

The Landlord must disclose the name and address of the banking organization, along with the account number, to the Tenant within 15 days of receiving the security deposit. This information is as follows: [Bank Name], [Bank Address], Account Number: [Account Number].

The security deposit shall not exceed the maximum amount permitted under New York law, which is generally limited to one month\’s rent for most residential leases (though up to two months may apply in certain cases). The deposit of 1500.00 USD complies with these limits based on the monthly rent.

Deductions may be made from the security deposit for repairs due to damage caused by the Tenant or their guests beyond normal wear and tear, such as broken windows, holes in walls, or damage to appliances. New York courts generally define normal wear and tear as the natural deterioration of the premises over time with reasonable use, and it is excluded from deductions.

Normal wear and tear is excluded from any security deposit deductions.

The Tenant shall have until 2024-01-15 to complete an initial move-in inspection to note any pre-existing conditions for the purpose of determining allowable deductions from the security deposit.

The Tenant must provide a forwarding address to the Landlord upon termination of the lease on 2024-10-31. Upon receipt of the forwarding address and termination of the lease, the Landlord shall return the security deposit or any remaining balance thereof, along with any required notices, within 14 days as required under New York Real Property Law Section 235-e.

The Landlord shall return the security deposit by check mailed to the Tenant\’s provided forwarding address or via other agreed method within the specified timeframe. The parties may conduct a move-out inspection with the Tenant given reasonable opportunity to be present, during which the condition of the property shall be documented to support any potential deductions.

The Landlord shall provide an itemized statement of any deductions from the security deposit to the Tenant. This statement must include a detailed description of each deduction, the reasons for it (such as specific damages beyond normal wear and tear), the costs incurred or estimated, and any supporting documentation or receipts as applicable under New York law.

The itemized deductions notice shall be provided to the Tenant within the timeframe required by Real Property Law Section 235-e (typically within 14 days after the Tenant provides a forwarding address). Delivery shall be by mail or personal delivery; email is acceptable only if the Tenant has explicitly agreed to electronic notices in the lease agreement.

This Security Deposit Receipt is intended to comply with New York Real Property Law Section 235-e and New York City Administrative Code, including all applicable regulations regarding security deposits for residential rental properties in New York State and New York City.

New York law generally limits the security deposit to no more than one month\’s rent for most unregulated residential leases (with exceptions for certain rent-stabilized units or as otherwise permitted). The deposit of 1500.00 USD complies with these requirements.

The Landlord must hold the deposit in a separate account as described in Section 3 and provide the required bank disclosures to the Tenant promptly.

The Landlord must return the security deposit or provide an itemized statement of deductions within 14 days after the Tenant provides a forwarding address upon lease termination, in accordance with Real Property Law Section 235-e.

This receipt also complies with any applicable New York City housing laws, including those related to rent stabilization if the property is subject to such regulations. The Tenant should consult the lease for additional details on property-specific rules.

The Tenant is responsible for returning the property in a clean condition, free of debris, trash, and personal belongings, and for repairing any damages beyond normal wear and tear to preserve the full security deposit.

The Tenant must provide proper notice of vacancy as required by the lease and New York law, typically 30 days written notice prior to the lease end date of 2024-10-31.

The Tenant should schedule and attend a move-out inspection with the Landlord or Landlord\’s representative to document the property\’s condition, which may affect the return of the security deposit.

The Tenant must provide a valid forwarding address in writing to the Landlord to facilitate the timely return of the security deposit or itemized deductions notice under Real Property Law Section 235-e. Failure to do so may delay processing and return.

Any disputes over the security deposit shall be resolved according to the laws of the State of New York. Parties may pursue resolution in small claims court in the appropriate jurisdiction, such as New York County Civil Court or as otherwise applicable based on the property location.