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Security Deposit Receipt & Disclosure

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The Security Deposit Receipt & Disclosure serves as a verification of security deposit payment, and confirms location/interest rate of where it is being held.

Document Last Modified: 3/27/2023

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State Specific Clauses

MA State Assist

A landlord can only require a tenant to pay for the following items upon moving in:
  • first month's rent
  • last month's rent
  • a security deposit of no more than one month's rent
  • the cost of buying and installing a new lock

If the landlord requires a security deposit, then the tenant must be given a written statement of condition within 10 days of receiving the money. This statement must list all damages that exist in the apartment and in all common areas prior to the tenant moving in. Once the tenant receives the statement, the tenant has 15 days to either agree with the conditions, or personally prepare a list of damages.

The landlord must hold the deposit in an interest-bearing Massachusetts bank separate from his or her personal funds; provide a receipt to the tenant within 30 days of receiving the deposit, identify the bank, address, account number, the amount of the deposit held; and pay 5% interest or any lesser amount of interest actually received from the bank (if the tenant resides on the premises for at least 1 year). The landlord is also required to pay interest on the last month’s rent when collected upon moving in.

More information may be found at: www.mass.gov/legis/laws

The Massachusetts Security Deposit Law is very complex. A Landlord should consult with an attorney before taking a deposit or making deductions to insure compliance with the law.

During a tenancy, when any money is paid it is highly recommended and very important to receive or distribute a receipt, and to keep a copy for your personal records. This begins at the very beginning of the tenancy, including the collection of a security deposit. Many rules and regulations regarding the security deposit vary state by state, but the essential fact remains that the tenant should be receipted when he or she pays this amount. This receipt and disclosure fulfills the responsibility of providing a receipt to the tenant, and allows both parties to have a record of the transfer of the security deposit and where it will be held.

The ezLandlord Forms Security Deposit Receipt and Disclosure will allow the landlord to confirm that he or she received the monies for the security deposit, and record the amount received. The security deposit is an essential bit of insurance for the landlord. These monies can be used at the termination of the tenancy to repair damages left by the vacating tenant. In some cases the landlord may be able to recoup other losses through the use of the security deposit as well.

The form also informs the tenant of where the security deposit is being held during the tenancy, and also indicates what interest rate it will earn, if any. Laws regarding where the deposit may be held may vary by state, so landlords should be careful to be sure they understand their state and local laws regarding security deposits.

A completed Security Deposit Receipt and Disclosure can be accomplished in just a few simple steps, thanks to ezLandlordForms Autofill technology. When completing this form, landlords can select their tenant from a popup window, and all of the pertinent address and mailing information will be automatically included in the final, professional document. The text of this document is also fully editable, and once completed, this document can even be included as part of your ezLandlordForms Lease Package.