Free Michigan Cash for Keys Agreement Template

Last reviewed September 2026

Written by LawLease Editorial

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Michigan Cash for Keys Agreement

This Cash for Keys Agreement is built with Michigan as the governing state. These are the Michigan landlord-tenant rules that most often bear on it, with the statute for each.

Michigan rules at a glance

Michigan rules for a Cash for Keys Agreement
Security deposit limit	1½ months’ rentMCL 554.602
Deposit return	Itemized damages list mailed within 30 days of move-out, or the full deposit is owedMCL 554.609
Deposit notices	The 14-day deposit-holder notice with the bolded forwarding-address warning, and the move-in inventory checklists (MCL 554.603, 554.608).
Month-to-month termination	One month’s written notice (or one rental period if rent is paid more often)MCL 554.134
Senior early-termination right	The 60-day release for tenants of 13+ months entering senior housing or unable to live independently (MCL 554.601a).
Nonpayment notice	7-day demand for possession / notice to quitMCL 600.5714; 554.134

Security deposits in Michigan

A Michigan security deposit — any refundable money held beyond the first full rental period, whatever it is called — may not exceed one and one-half months’ rent (MCL 554.602). The Act is strict about paperwork and deadlines, and a landlord who misses them loses the right to keep any of the deposit.

Where it’s held — The deposit must be kept at a regulated financial institution. A landlord may use the deposited funds only after filing a cash or surety bond with the Secretary of State to secure them (MCL 554.604).
14-day notice — Within 14 days after the tenant moves in, the landlord must give written notice of the landlord’s name and address for receiving communications and the name and address of the bank or surety holding the deposit. It must also warn, in 12-point bold type, that the tenant must give a forwarding address within 4 days of moving out (MCL 554.603).
Inventory checklist — The landlord must provide two blank move-in inventory checklists; the tenant has 7 days after moving in to complete one and return it. A move-out checklist follows at the end of the tenancy (MCL 554.608).
Return — Within 30 days after the tenant moves out, the landlord must mail an itemized list of damages with the estimated cost of each repair, and return any balance. Missing the 30 days means the landlord agrees no damages are owed and must return the full deposit (MCL 554.609, 554.610).
Suing to keep it — If the tenant disputes the list, the landlord must file suit within 45 days of move-out to keep any disputed amount. A landlord who doesn’t follow this procedure waives the claimed damages and owes the tenant double the amount of the deposit retained (MCL 554.613).

Required notices in a Michigan lease

Truth in Renting notice — Every lease must state prominently: “NOTICE: Michigan law establishes rights and obligations for parties to rental agreements. This agreement is required to comply with the Truth in Renting Act…” and give the landlord’s address for notices (MCL 554.634).
Domestic violence notice — The lease should state that a tenant with a reasonable apprehension of present danger to the tenant or the tenant’s child from domestic violence, sexual assault or stalking may have special statutory rights to seek a release of rental obligation under MCL 554.601b. If it doesn’t, the landlord must post or hand over that notice at signing (MCL 554.601b).
Senior early-termination right — The 60-day release for tenants of 13+ months entering senior housing or unable to live independently (MCL 554.601a).
Deposit notices — The 14-day deposit-holder notice with the bolded forwarding-address warning, and the move-in inventory checklists (MCL 554.603, 554.608).
Lead-based paint — Federal lead warning and known-hazard disclosure for housing built before 1978 (42 U.S.C. §4852d).

Michigan Cash for Keys Agreement FAQs

How much can a landlord charge for a security deposit in Michigan?

No more than one and one-half months’ rent. Any refundable amount the landlord holds beyond the first full rental period counts toward that cap, whatever the lease calls it (MCL 554.602).

How long does a landlord have to return a security deposit in Michigan?

Within 30 days after the tenant moves out, the landlord must mail an itemized list of damages and return the balance. If the list isn’t sent on time, the full deposit is owed. The tenant must provide a forwarding address within 4 days of moving out to trigger the mailing duty (MCL 554.609, 554.611).

How much notice to end a month-to-month lease in Michigan?

One month’s written notice from either side; if rent is paid more often than monthly, one rental period is enough. For unpaid rent, the landlord can serve a 7-day notice before filing in district court (MCL 554.134, 600.5714).

Cash for Keys Agreement in other states

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