Tenants And Landlords Resource Guide - Michigan State University, College Of Law Page 13
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39b) Deposit a cash bond or surety bond, to
c) The tenant’s obligation to provide a
secure the entire deposit, with the
forwarding address – in writing – within
Secretary of State. (Note: If the landlord
4 days after the tenant moves out.
does this, he or she may use the money
Generally these notices are found in the
at any time, for any purpose). The bond
lease itself.
ensures that there is money available to
Q7 What is the point of the inventory
repay the tenant’s security deposit.
checklist?
Q5 Whose money is it anyway?
The checklist preserves some proof of
The security deposit is considered the
the condition of the property when the
lawful property of the tenant, until the
tenant moved in. The landlord must provide
landlord establishes a right to it – generally
the tenant at move-in with 2 blank copies of
by obtaining a judgment in a court of law.
an inventory checklist, referencing all items
If the landlord sells the rental property,
in the rental unit. The landlord must provide
he or she remains liable with respect to the
written notice on the first page of the
tenant’s security deposit until ONE of the
checklist that the tenant must properly
following occurs:
complete the checklist, noting the condition
a) The landlord returns the deposit to the
of the property, and return it to the landlord
tenant; OR
within 7 days after moving in.
b) The landlord transfers the deposit to the
The tenant may request a copy of the
new owner and sends notice – by mail –
termination inventory checklist (generally
to the tenant informing him or her of the
referred to as the itemized list of damages
new owner’s name and address; OR
caused by the previous tenant). If requested,
c) The new owner sends written notice of
the landlord must provide a copy to the
her/his name and address to the tenant
tenant.
AND the name and address of the
financial institution where the deposit is
Q8 Is it important to properly complete the
held AND the tenant’s obligation to
inventory checklist?
provide a forwarding address within 4
Yes. The checklist preserves some proof
days of terminating occupancy.
of the condition of the property when the
Q6 What rights and responsibilities does
tenant moves in. If the tenant fails to
the landlord have with regard to the
properly fill out the checklist, or fails to
tenant’s security deposit?
return it, and a dispute over damages to the
property occurs at the end of the lease, it
The landlord must provide the tenant
becomes the tenant’s word against the
with certain notices. Within 14 days from
landlord’s word.
the day the tenant moves in, the landlord
must provide written notice of the following:
a) The landlord’s name and address for the
Further Recommendation:
receipt of communications regarding the
Whether you are a landlord or tenant, take
tenancy; AND
photos or video recordings of the rental unit
b) The name and address of the financial
before move-in.
institution where the security deposit is
held, or the name and address of the
surety company, and who filed the bond
with the Secretary of State; AND
T e n a n t s a n d L a n d l o r d s R e s o u r c e G u i d e
Page 11
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