Security Deposit Refund Agreement Template for Malaysia

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Key Requirements PROMPT example:

Security Deposit Refund Agreement

"I need a Security Deposit Refund Agreement for a commercial property in Kuala Lumpur, where we're returning the full security deposit of RM 50,000 to the tenant following a successful end of lease inspection on March 15, 2025."

Document background

A Security Deposit Refund Agreement is a crucial document used at the conclusion of a lease term in Malaysia when arranging the return of a tenant's security deposit. This document is essential when both parties have agreed to the terms of the deposit refund, whether in full or partial, and need to formalize the arrangement. It serves multiple purposes: documenting the agreed refund amount, recording any deductions, confirming the property's condition, and providing legal closure to the security deposit aspect of the tenancy. The agreement helps prevent future disputes by clearly documenting the settlement terms and ensures compliance with Malaysian property and contract laws. It's particularly important in both residential and commercial contexts where significant deposit amounts are involved and formal documentation is required for accounting and legal purposes.

Suggested Sections

1. Parties: Identification of the landlord/property owner and tenant, including full legal names and addresses

2. Background: Context of the original tenancy agreement, security deposit payment, and current situation leading to refund

3. Definitions: Key terms used in the agreement including 'Security Deposit', 'Property', 'Inspection Report', etc.

4. Acknowledgment of Original Deposit: Confirmation of the original security deposit amount and date received

5. Property Condition and Assessment: Statement regarding the condition of the property and assessment process

6. Refund Amount: Specification of the total amount to be refunded, including any deductions

7. Payment Terms: Details of how and when the refund will be paid

8. Release and Discharge: Mutual release of claims related to the security deposit

9. Governing Law: Specification that Malaysian law governs the agreement

10. Execution: Signature blocks and execution details

Optional Sections

1. Deductions: Detailed explanation of any deductions from the security deposit, used when there are claims for damages or unpaid amounts

2. Inspection Process: Detailed procedure for property inspection, used when a formal inspection is required

3. Dispute Resolution: Specific procedures for handling disputes, used in more complex agreements or high-value deposits

4. Third Party Authorization: Authorization for payment to third parties, used when the refund is to be paid to someone other than the original tenant

5. Tax Implications: Statement regarding any tax implications of the refund, used when required by local tax regulations

Suggested Schedules

1. Schedule 1 - Property Inspection Report: Detailed report of the property's condition at the time of move-out

2. Schedule 2 - Calculation of Deductions: Itemized list and calculation of any deductions from the security deposit

3. Schedule 3 - Payment Details: Banking or payment information for the refund transfer

4. Appendix A - Original Tenancy Agreement Reference: Copy or reference to relevant sections of the original tenancy agreement regarding the security deposit

5. Appendix B - Supporting Documentation: Any relevant receipts, photographs, or other evidence related to deductions or property condition

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Management

Commercial Leasing

Residential Property

Retail

Hospitality

Office Space Management

Industrial Property

Student Housing

Relevant Teams

Legal

Property Management

Operations

Finance

Compliance

Real Estate

Facilities Management

Asset Management

Tenant Relations

Administration

Relevant Roles

Property Manager

Real Estate Manager

Leasing Manager

Facilities Manager

Property Administrator

Legal Counsel

Tenant Relations Manager

Asset Manager

Operations Manager

Finance Manager

Compliance Officer

Real Estate Agent

Property Officer

Building Manager

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Let's create your Security Deposit Refund Agreement

Authors

Alex Denne

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