Form Letter to Account for Yearly Interest in Security Deposit and Last Month


Dear «Tenant»:
Please be advised your security deposit has been deposited into the following Massachusetts interest-bearing bank account, beyond the claims of the landlord’s creditors, and in an account which can be transferred to a subsequent property owner/landlord of your apartment, should your landlord sell the premises before the termination of your tenancy.

Amount – $ «Sec_Dep»
Account – # «Account»

Actual Security Deposit Interest at the moment is $INTEREST (see attached documentation) and the same for Last Month and so you can deduct $INTEREST X 2 from your next month’s rent.

Notice to Tenant: If a security deposit has been received, the Landlord is required to hold it in a separate interest-bearing escrow account. The Landlord is also required to provide the Tenant with a Statement of Condition of the rental property at the time of receipt of the security deposit or within ten days after beginning of tenancy, whichever is later. The Tenant has the right to review the Statement of Condition and indicate agreement or disagreement. If the security deposit is held for more than one year, the Landlord must pay interest each year to the Tenant. Upon termination, the Tenant should provide Landlord with a forwarding address. Within thirty days after termination, the Landlord must return the security deposit with interest, less lawful deductions which include unpaid rent. If the owner deducts for damage to the premises, he must provide the Tenant with an itemized list of written evidence of actual or estimated repair costs. No amount should be deducted for damage listed in the Statement of Condition. Upon transfer of the premises, the owner shall transfer the security deposit with accrued interest to the new owner.

The Tenant certifies that a copy of this document was received by them and it contains the name and location of the bank in which the security deposit was deposited and the amount and account number of said deposit.

Signature:________________________ Printed Name________________________Date______________
Signature:________________________ Printed Name________________________Date______________

__________________________________________________________, ____________________
YOUR NAME, Cell Phone # DATE