SureDeposit or three months upfront?
#1
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Location: Naperville, IL
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SureDeposit or three months upfront?
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?
#2
Re: SureDeposit or three months upfront?
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.
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.
#3
Rootbeeraholic
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Re: SureDeposit or three months upfront?
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.
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.
#4
Re: SureDeposit or three months upfront?
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.
That's about all I can tell you about it.
#5
Rootbeeraholic
Joined: Aug 2009
Location: Houston, Tx
Posts: 2,280
Re: SureDeposit or three months upfront?
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.
That's about all I can tell you about it.
#6
Re: SureDeposit or three months upfront?
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?
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.
#8
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Location: Naperville, IL
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Re: SureDeposit or three months upfront?
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.
#9
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Joined: Feb 2008
Location: Naperville, IL
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Re: SureDeposit or three months upfront?
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.
That's about all I can tell you about it.
#10
Re: SureDeposit or three months upfront?
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.
That's about all I can tell you about it.
#11
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Joined: Feb 2008
Location: Naperville, IL
Posts: 333
Re: SureDeposit or three months upfront?
Will the landlord sue you if you fail to pay any liabilities when you move out? Guess they can as well.
#12
Re: SureDeposit or three months upfront?
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.
Last edited by Michael; Dec 12th 2013 at 2:39 am.
#13
Re: SureDeposit or three months upfront?
One can sue anyone for anything - its up to the courts to determine which claim prevails...