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Early Termination by co -tenant , what deposit liability do i have?

One of my tenants has left the property after one month. He has signed a notarized statement indicating he will not be returning tothe property and wishes to be released from the lease.  I am willing to release him but i do not know how the 'deposit' distribution works at the end of the lease. Or is he entitled to anything now?

In VA:  The Security Deposit may be applied solely by the landlord 1. to the payment of accrued rent and including the reasonable charges for late payment of rent specified in the rental agreement; 2. to the payment of the amount of damages which the landlord has suffered by reason of the tenant's noncompliance with ¿ 55-248.16, less reasonable wear and tear; or 3. to other damages or charges as provided in the rental agreement. The security deposit, any accrued interest and any deductions, damages and charges shall be itemized by the landlord in a written notice given to the tenant, together with any amount due the tenant within 45 days after termination of the tenancy and delivery of possession.
You are being kind to release him of his responsibility to fufill lease. He is not entitled unless you approve. I would recommend his security deposit be the penalty for breaking the lease. Don't forget you now only have half a security deposit on this unit from the co-tenant. That isn't much these days. If you refund his deposit I would recommend a walk through the unit to re-inspect for damages before final refund.
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