Security Deposit Reminder Letter
Does the tenant still owe money towards the security deposit??
The purpose of The Security Deposit Reminder Letter is to help you enforce the terms of your lease; namely the full payment of the agreed security deposit.
Even though the Lease Agreement clearly spells out exactly how the security deposit is to be paid in full before the tenant takes possession, some of us find ourselves bending the rules to get a property rented.
What? Allow a tenant to move in without the whole security deposit up front? How stupid! Who would do such a thing? Well, sometimes circumstances require flexibility.
Because I ask for a two month security deposit in addition to a one month brokers fee, there have been occasions when I have had to choose the best qualified applicants out of the choices I had. Sometimes those people are a little short on cash after raising the rent, brokerís fee and 1 month of the deposit. Rather than waive the second half of the deposit, we make a choice to allow the tenant to pay the balance of the deposit in installments. Most of the time tenants pay it on schedule, but of course, in this business things don't always go as planned.
That's when the Security Deposit Reminder Letter comes in handy. It is to remind the tenant of his or her obligation to comply with the lease agreement or risk cancellation of tenant rights and privileges along with the lease itself. That could spell bad credit or even eviction in some cases.
It would be better if you obtain the full deposit up front, but if you must allow the tenant in without the full deposit, use the Security Deposit Reminder Letter to urge the tenant into compliance.
PLEASE NOTE: The lower part of the form displays the Default Clause from the LPA Lease. Be sure to insert your state's notice of # of days to cure default period. To look up your state:
In downloadable MS Word format, you can add your own letterhead, ideas or modifications to this form.
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