Compliance
Security deposit disposition
The itemized statement sent to a former resident explaining how their deposit was applied and what is refunded or owed.
A disposition lists the deposit held, any interest owed, each deduction with its reason and cost, and the resulting refund or balance due. It is sent to the resident's forwarding address within a deadline set by state law, commonly between 14 and 45 days.
Missing the deadline or failing to itemize can forfeit the right to deduct anything and, in some states, create penalties of up to several times the deposit. Check the rules for each property's location.
See it on a sample company