Security deposits may only be used to repair serious damages caused by the tenant that aren’t normal wear and tear, or to cover any owed rent. Florida has specific requirements on how to notify the tenant of any uses of the security deposit as set out in the agreement sample below.
Upon the due execution of this Agreement, Tenant shall deposit with Landlord the sum of
$ (enter amount) receipt of which is hereby acknowledged by Landlord, as security for any damage caused to the Premises during the term hereof.
Such deposit shall be returned to Tenant, without interest, and less any set off for damages to the Premises upon the termination of this Agreement.
Landlord will hold Tenant’s security deposit in an account in the following Florida banking institution: (enter bank)
Landlord will not commingle the security deposit funds with those funds in the Landlord’s primary bank account. Rather, Landlord will maintain the security deposit funds in a separate non-interest-bearing account for the benefit of the Tenant.
Upon the vacating of the premises for termination of the lease, if the landlord does not intend to impose a claim on the security deposit, the landlord shall have 15 days to return the security deposit, or the landlord shall have 30 days to give the tenant written notice by certified mail to the tenant’s last known mailing address of his or her intention to impose a claim on the deposit and the reason for imposing the claim.