Lease agreements & security deposits.
Jun 20th 2014, 11:52 am
#1
Just Joined
Thread Starter
Joined: May 2014
Posts: 15
Lease agreements & security deposits.
I have found an apartment that suits my needs perfectly, and the rent is just within my budget. But, because I have no rental history, they have asked me for a double security deposit. Seemed reasonable to me at first, but I have since learned that the management company, one of the largest in the city, is well-known for not being easy to work with when requesting a refund of the security deposit.
Since I really like this place, what due diligence can I do to make sure that does not happen to me, apart from finding another place (which might have its own set of unknown problems)? One thing that comes to mind is taking detailed pictures of the insides of the apartment before moving in. What else should I do?
Also, do they always mention the amount of money paid as a security deposit in the lease contract? If not, how do I maintain proof that I have paid double the usual security deposit so that even if the building managers change in the next four years, I will have adequate documentation to convince the new manager?
I will most likely be paying cash since it would be easiest for me (it'll take me a while before I open a US bank account and deposit that much money). Please let me know if this might not be recommended.
Thanks!
Since I really like this place, what due diligence can I do to make sure that does not happen to me, apart from finding another place (which might have its own set of unknown problems)? One thing that comes to mind is taking detailed pictures of the insides of the apartment before moving in. What else should I do?
Also, do they always mention the amount of money paid as a security deposit in the lease contract? If not, how do I maintain proof that I have paid double the usual security deposit so that even if the building managers change in the next four years, I will have adequate documentation to convince the new manager?
I will most likely be paying cash since it would be easiest for me (it'll take me a while before I open a US bank account and deposit that much money). Please let me know if this might not be recommended.
Thanks!
Jun 20th 2014, 12:33 pm
#2
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Lease agreements & security deposits.
How much do they want?
It should be written into your contract but you might have to look on it as one of the many write-offs involved with immigration.
It should be written into your contract but you might have to look on it as one of the many write-offs involved with immigration.
Jun 20th 2014, 12:50 pm
#3
Just Joined
Thread Starter
Joined: May 2014
Posts: 15
Re: Lease agreements & security deposits.
Oops, I forgot to mention that. It's double the monthly rental so about $2,000.
Jun 20th 2014, 12:57 pm
#4
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Lease agreements & security deposits.
Given the fact that you're new and don't even have a bank account you might have no other option.
They should go through the place on the day you move in and both parties should agree and make a note of any damage.
They should go through the place on the day you move in and both parties should agree and make a note of any damage.
Jun 20th 2014, 1:07 pm
#5
Just Joined
Thread Starter
Joined: May 2014
Posts: 15
Re: Lease agreements & security deposits.
Of course. Just wondering what all I should do on my part to make sure I get back what's due.
Okay, I will ask that all damages be noted in a piece of paper and signed by both me and the property manager.
Okay, I will ask that all damages be noted in a piece of paper and signed by both me and the property manager.
Jun 20th 2014, 1:10 pm
#6
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Lease agreements & security deposits.
Jun 20th 2014, 1:58 pm
#7
Powder Maggot
Joined: Nov 2004
Location: Nuevo Mexico
Posts: 4,452
Re: Lease agreements & security deposits.
You should also check that the double deposit is allowed under state and city law. If not, they'll almost certainly pretend they never took it.
Oh, and I would keep looking around. Rental companies can be pretty shady and often have the worst deals in town.
Oh, and I would keep looking around. Rental companies can be pretty shady and often have the worst deals in town.
Last edited by AdobePinon; Jun 20th 2014 at 2:04 pm.
Jun 21st 2014, 12:18 am
#8
BE Enthusiast
Joined: Mar 2010
Posts: 478
Re: Lease agreements & security deposits.
The amount of the security deposit should be mentioned in the lease you sign, but if you have to give a deposit before lease signing you have to make sure you get paperwork at or before the time you give them the cash stating how much you pay and the terms for its return. E.g. you want it explicitly stated the deposit is to be used for damages and unpaid rent only, it's not some fee or something non-returnable. Make sure if they give you one receipt for all monies paid that it's clear what was for work., e.g. if you give them $6,000 have it explicitly stated that it's $4,000 for security and $2,000 for first month's rent.
Take photos of everything, even the slightest problem like a small scratch on wood or hole in a window screen. They should give you a form to fill in detailing issues with every room, but if they don't make your own, pdf it and email it to them ASAP after move in (I'd say within a few days) and say you have photos documenting the issues, and email them the worst photos (or all, if there aren't many). Ask them to acknowledge your email with a reply. Over the first couple of weeks use everything and don't be afraid to email them again with a list of things that don't work but you didn't notice the first time, e.g. left burner won't light, no twister on the bedroom blind.
Photograph EVERYTHING when you finally leave, particularly problem areas from before or anything that might be a new problem. Take a video of the whole house (or more photos) so they can't claim there's an issue with something you didn't take a photograph of.
As they want double security because they think you might be a credit risk, I would ask them to return the extra (one month) deposit after one year (assuming you are paying rent in full on time) because at that time they know you are no longer a risk, and should be treated like a normal customer. They may not do that, but I'd ask. They might charge you for a second credit check at that time, often $30.
Take photos of everything, even the slightest problem like a small scratch on wood or hole in a window screen. They should give you a form to fill in detailing issues with every room, but if they don't make your own, pdf it and email it to them ASAP after move in (I'd say within a few days) and say you have photos documenting the issues, and email them the worst photos (or all, if there aren't many). Ask them to acknowledge your email with a reply. Over the first couple of weeks use everything and don't be afraid to email them again with a list of things that don't work but you didn't notice the first time, e.g. left burner won't light, no twister on the bedroom blind.
Photograph EVERYTHING when you finally leave, particularly problem areas from before or anything that might be a new problem. Take a video of the whole house (or more photos) so they can't claim there's an issue with something you didn't take a photograph of.
As they want double security because they think you might be a credit risk, I would ask them to return the extra (one month) deposit after one year (assuming you are paying rent in full on time) because at that time they know you are no longer a risk, and should be treated like a normal customer. They may not do that, but I'd ask. They might charge you for a second credit check at that time, often $30.
Jun 21st 2014, 4:51 am
#9
Just Joined
Thread Starter
Joined: May 2014
Posts: 15
Re: Lease agreements & security deposits.
The amount of the security deposit should be mentioned in the lease you sign, but if you have to give a deposit before lease signing you have to make sure you get paperwork at or before the time you give them the cash stating how much you pay and the terms for its return. E.g. you want it explicitly stated the deposit is to be used for damages and unpaid rent only, it's not some fee or something non-returnable. Make sure if they give you one receipt for all monies paid that it's clear what was for work., e.g. if you give them $6,000 have it explicitly stated that it's $4,000 for security and $2,000 for first month's rent.
Take photos of everything, even the slightest problem like a small scratch on wood or hole in a window screen. They should give you a form to fill in detailing issues with every room, but if they don't make your own, pdf it and email it to them ASAP after move in (I'd say within a few days) and say you have photos documenting the issues, and email them the worst photos (or all, if there aren't many). Ask them to acknowledge your email with a reply. Over the first couple of weeks use everything and don't be afraid to email them again with a list of things that don't work but you didn't notice the first time, e.g. left burner won't light, no twister on the bedroom blind.
Photograph EVERYTHING when you finally leave, particularly problem areas from before or anything that might be a new problem. Take a video of the whole house (or more photos) so they can't claim there's an issue with something you didn't take a photograph of.
As they want double security because they think you might be a credit risk, I would ask them to return the extra (one month) deposit after one year (assuming you are paying rent in full on time) because at that time they know you are no longer a risk, and should be treated like a normal customer. They may not do that, but I'd ask. They might charge you for a second credit check at that time, often $30.
Take photos of everything, even the slightest problem like a small scratch on wood or hole in a window screen. They should give you a form to fill in detailing issues with every room, but if they don't make your own, pdf it and email it to them ASAP after move in (I'd say within a few days) and say you have photos documenting the issues, and email them the worst photos (or all, if there aren't many). Ask them to acknowledge your email with a reply. Over the first couple of weeks use everything and don't be afraid to email them again with a list of things that don't work but you didn't notice the first time, e.g. left burner won't light, no twister on the bedroom blind.
Photograph EVERYTHING when you finally leave, particularly problem areas from before or anything that might be a new problem. Take a video of the whole house (or more photos) so they can't claim there's an issue with something you didn't take a photograph of.
As they want double security because they think you might be a credit risk, I would ask them to return the extra (one month) deposit after one year (assuming you are paying rent in full on time) because at that time they know you are no longer a risk, and should be treated like a normal customer. They may not do that, but I'd ask. They might charge you for a second credit check at that time, often $30.
