To start a new deposit, we collect information from the landlord including the property information, lease term, security deposit amount, and the tenant's email address.
If the landlord has already received the deposit, we collect payment information. Otherwise, the tenant will be prompted to pay.
Once the details of the deposit have been entered by the landlord, the tenant receives an email to sign up. We collect information from the tenant to create a W-9 which is then signed electronically. The tenant is then prompted to pay the deposit if needed. Immediately, the tenant receives a Security Deposit Receipt and Bank Deposit Notification with the escrow account information. The last step for the tenant is to enter their banking information for the future disbursement of the security deposit. Interest disbursement checks will be mailed to the tenant as mandated.
Over the period of the lease, the landlord has the ability to enter deductions and supporting documents including receipts and photos of damage.
At the conclusion of the lease, the landlord disburses the security deposit. If there are deductions, an itemized deduction report is emailed to the tenant.
SecurityDeposits.com works by simplifying the process of properly complying with local tenant security deposit laws.