Roommate Security Deposit Agreement

Security Deposit Agreement

_______________________ (hereafter “Party 1”), ___________________________ (hereafter “Party 2”), _______________________ (hereafter “Party 3”), and _______________________ (hereafter “Party 4”), hereby agree on the payment of the security deposit at {address}, and additionally agree to maintain the rental in good condition and to disperse any funds returned by property management as outlined below.

The parties agree to each pay {amount} toward the security deposit of {total}. If separate payments are not permitted by property management, then {Party 1} will be responsible for submitting the payment on everyone’s behalf. (If this transpires, and {Party 1} subsequently receives the security deposit refund at the end of the lease term, {Party 1} shall be responsible for timely equal distribution of the funds.)

With regard to the security deposit:

• Roommates agree to collectively photograph the move-in condition of common areas, and each party shall photograph the condition of their respective bedrooms. The photos will be {retained by one party, placed in shared cloud storage, etc.} in case proof of condition must be provided to management upon moveout.
• Roommates agree to follow an agreed-upon cleaning schedule and maintain the rental in good condition, avoiding water damage, rot, damaged fixtures, wall damage, and so on. In the case of damage done by an individual or their guest, that party is responsible for repairs or associated fees and fines.
• Prior to the end of the lease, and leading up to the moveout date, all parties agree to equally take part in cleaning the rental to the specifications of the property management company, and making any needed repairs. Alternately, if all parties agree, a professional cleaning service may be hired with the cost shared among each roommate.
• If any party moves out prior to the end of the lease, they shall {receive/forfeit} their share of the security deposit. Additionally, {they must find a replacement roommate, hire a professional cleaner, etc.}

In witness to their agreement to the terms of this contract, the parties affix their signatures below:

____________________________________

Party 1, signature & date

____________________________________

Party 2, signature & date

____________________________________

Party 3, signature & date

____________________________________

Party 4, signature & date

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