e3geek

Hi, I am talking to a managed apartment complex and they are happy for me to sign the lease. But they are asking me to either give $262 to a company called SureDeposit or give them 3 months rent in advance. I have got mixed reviews about Suredeposit on the internet. Has anyone got any experience with them?

Bob

Never heard of them.

But up to 3 months rent as a deposit isn't unheard of. Depends how it's being put about though. Is that first and last months rent, plus a months worth kept as a deposit? That's common as chips and the month deposit they put in a savings account and when you move out and if you both agree the place is in the same condition, minus fair wear and tear, you get it back plus any interest it might have earned.

Bink

Yep, I had to do this when I moved over. First and last months rent and security deposit *1 months rent). I think I'd do that over suredeposit tbh. It's fairly standard and depending on where you are there are laws in place to protect the deposit, especially if you're going through a realtor.

Bluegrass Lass

We did this at a complex in Washington. I had never heard of it either, and was a bit dubious. But it worked out cheaper than paying the security deposit, so we did it. We ended up breaking the lease to move back to the UK, so we can't really speak to how it works about getting your deposit back at the end of your lease (we forfeited it since we broke the lease).

That's about all I can tell you about it.

Bink

It's only cheaper upfront. You don't lose the security deposit or first/last months rent so although you're fronting up cash, so long as the property is in good condition, you get your money back (or applied to your rent).

Tarkak9

... what state are you in? leases and its terms are just as negotiable as its an agreement between two parties. A deposit isn't a substitution for rent nor is rent a substitution for a deposit ... so if you breach the lease, make sure you have an understanding about what happens to the last month's rent you paid upfront... (its likely you forfeit it as liquidated damages).

Never heard of SureDeposit. A security deposit should always be held in somesort of escrow/trust account of that of the management company your dealing with. I personally don't think its a good idea of involve such an outside vendor handle such funds.
- not always the case, depends on state and/or local laws.

Bob

True, but more often than not, the interest from the deposit doesn't go to the landlord.

e3geek

Well the thing is I need to pay three months rent in advance and $170 non-refundable fee. Or pay $262 to SureDeposit and pay nothing. I am getting a six months lease.

e3geek

Sorry, did you pay SureDeposit or the actual deposit to the landlord?

Michael

It's just a bonding company and you still owe any costs that the bonding company had to pay (broken lease, damages, etc.) and those will show as bad debts on your credit history. The bonding company can also sue you for any costs that they incurred.

e3geek

Will the landlord sue you if you fail to pay any liabilities when you move out? Guess they can as well.

Michael

It depends on whether the bond covers all the damages. For the apartment complex, the bond likely covers the same as what you would pay except first months rent since you'll be paying that in advance. So it likely covers 1 month security deposit and last month's rent. If you fulfill your lease term, then it likely only covers physical damages to a maximum of 1 month's rent.

Tarkak9

- throw sh!t against the wall and see what sticks .....

One can sue anyone for anything - its up to the courts to determine which claim prevails...

Bluegrass Lass

We paid the SureDeposit. It worked out ok, despite us breaking the lease.