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Landlord Tenant Closing Statement to Reconcile Security Deposit - Kentucky

Landlord Tenant Closing Statement to Reconcile Security Deposit - Kentucky 2025

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The document is a Landlord Tenant Closing Statement that outlines the financial transactions between a landlord and tenant at the end of a lease. It includes details such as the landlord's name, tenant information, security deposit amounts, cleaning charges, unpaid rent, and total amounts due to both parties. The document also provides space for signatures and comments.

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Click ‘Get Form’ to open the Landlord Tenant Closing Statement in the editor.
Begin by entering the Landlord's name and the leased premises address at the top of the form. This information is crucial for identifying the parties involved.
Fill in the tenant's information, including names, forwarding address, and new phone number. Accurate contact details ensure smooth communication.
Input the security deposit amount paid, along with any other deposits and rent credits. This section summarizes financial transactions related to the lease.
List any charges against the deposit, such as cleaning charges or damage repairs. Be specific to avoid disputes later.
Calculate total charges and determine amounts due to both tenant and landlord. Ensure all calculations are accurate for transparency.
Sign and date the document at the bottom before delivering it to the tenant. This finalizes your agreement.

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What is the security deposit law in Kentucky?

Security deposits should be listed on a closing statement as a credit to the Buyer. This represents the buyer receiving the funds back as they fulfill their contractual obligations.

How are security deposits listed on a closing statement?

In a real estate closing statement, security deposits are typically listed as a credit to the Buyer. This is because the security deposit functions as a form of assurance that the buyer will meet their obligations, such as making timely rental payments or maintaining the property.

How to get deposit back at end of tenancy?

Kentucky Landlord Responsibilities (KRS 383.595) Landlords must keep all of the common areas clean and safe. Electrical, plumbing, heating, air conditioning, and other facilities must be kept in good condition. Between October 1 and May 1, landlords are required to supply heat to tenants.

Should a security deposit be listed on a closing statement as a credit?

At the end of your tenancy Your landlord must return your deposit within 10 days of you both agreeing how much youll get back. If youre in a dispute with your landlord, then your deposit will be protected in the TDP scheme until the issue is sorted out.

Is a security deposit a debit or credit?

The person paying the security deposit would credit the asset account Cash and would debit the asset account Security Deposits. The person receiving the security deposit would debit the asset account Cash and would credit the liability account Security Deposits Returnable.

What is a credit on a closing statement?

Some FAQs on Security Deposit Accounting Security deposits are typically listed under current assets if theyre expected to be returned within a year. If they will be held for more than a year, they might be listed under long-term assets.

Landlord Tenant Closing Statement to Reconcile Security Deposit - Kentucky 2025

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