I got a letter on my door saying that the owner of my apartment complex needs to liquidate all security deposits and applied to my account as rent. They want to schedule an appointment with the office to discuss my account. My security deposit is only $99. My next door neighbor who has lived here as long as I have got the same letter. Should I do it? Why or Why not? Looking for opinions. This is the 2nd apartment I have lived in. First one had no security deposit and had no fees on move out.
apartment security deposit question
- Thread starter Cutehumor
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thats a small bond, ours is 4 weeks rent...
I guess if they liquidated your bond into cash for them to use, even though bonds are "guaranteed" here (held by the state) they might not be able to pay you back say if they were declared bankrupt later on. I don't know, I'm no expert, I know very little about these things.
I guess if they liquidated your bond into cash for them to use, even though bonds are "guaranteed" here (held by the state) they might not be able to pay you back say if they were declared bankrupt later on. I don't know, I'm no expert, I know very little about these things.
It sounds like they might be no longer requiring security deposits and want to apply your deposit to your rent. So if your rent was say $500 per month, when they apply the deposit of $99, that month would be only $401. If that is the case, then I would do it. Might be a good time to review your lease too. I guess you will find out more when you meet with them.
JHZR2
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I dont think you really have an option... In an apartment complex you live by their rules, or else you pay.
I'd likely go to the meeting to find out what is going on, but not sign anything (might be tough). They might just tell you that "this is how it is going to be", and you dont have much of a choice. Or, they might be telling you that rates are going up and youre SOL. Who knows...
It might just be super simple in and out. Just seems odd to me that they want an appointment.
JMH
I'd likely go to the meeting to find out what is going on, but not sign anything (might be tough). They might just tell you that "this is how it is going to be", and you dont have much of a choice. Or, they might be telling you that rates are going up and youre SOL. Who knows...
It might just be super simple in and out. Just seems odd to me that they want an appointment.
JMH
Our new lease just kicked in on 4/1/08 too for 15 months. We have had two different apartment owners since living here for two years. The 99 dollar security deposit is from two years ago when we first moved in. I wonder if it's a ploy to tack on tons of damage charges when we move out. My wife will be finished with her degree in December and will be working finally. We were considering moving when our lease is up next year.
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Sounds odd ..but I'd say that it's not just "their rules". Most states have some law requiring escrow of security funds. Most landlords don't comply ..but that's just lack of need for enforcement. Now surely the landlord may not require security and can surely return it to you, but there's some other shoe dropping in the background that you're not aware of. This is some balance correction for clearing up whom owes whom what.
Might be worth it to discuss this with a lawyer. Especially before signing anything.
It could come back and bite you on the behind later.
It could come back and bite you on the behind later.
I tend to agree with Gary. It's possible that they are supposed to have this in escrow and don't, so are giving you a credit on your rent.
It's also possible that your landlord believes you to be a trustworthy tenant and is putting this money to work for you. (Unlikely, I know, it likely benefits them too.)
The damages when you leave will be what they are, so I don't see how crediting $99 to your rent will impact in either way the damages you may pay when you leave.
On the other hand, I would also read carefully what they give it. It could be a ploy to re-write the lease, and taking the deposit back is a way to break the lease.
So if this is the case, you may want to reject the refund and keep your lease. That's about the only downside I foresee, that they may try to re-write your lease.
It's also possible that your landlord believes you to be a trustworthy tenant and is putting this money to work for you. (Unlikely, I know, it likely benefits them too.)
The damages when you leave will be what they are, so I don't see how crediting $99 to your rent will impact in either way the damages you may pay when you leave.
On the other hand, I would also read carefully what they give it. It could be a ploy to re-write the lease, and taking the deposit back is a way to break the lease.
So if this is the case, you may want to reject the refund and keep your lease. That's about the only downside I foresee, that they may try to re-write your lease.
This might be a good thing.
You get to use your money now.
What could be bad about this?
You get to use your money now.
What could be bad about this?
Originally Posted By: mechtech2
This might be a good thing.
You get to use your money now.
What could be bad about this?
Yeah, I know I get the money now. but trying to figure out if there is any downside to this. must be a reason since typically I read complaints how the landlord steals/keeps the security deposit on move out.
This might be a good thing.
You get to use your money now.
What could be bad about this?
Yeah, I know I get the money now. but trying to figure out if there is any downside to this. must be a reason since typically I read complaints how the landlord steals/keeps the security deposit on move out.
So what happened?
That wouldn't be fun...
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Why does she suspect bankruptcy? Your lease should be transferable to whomever holds the property note. I'm pretty sure that your state will have some laws in regard to this. Every mortgage that I did on my multi-unit included that. I just began leasing the property to myself for the amount of the mortgage payment to get the application done quicker. My income covered the mortgage anyway. They just wanted ..what they always want. "More".
ok, I got it resolved. we went to the apartment assistant manager. We got out $100 security deposit back. it will be taken off of next month rent. I asked why, she said that they don't do security deposits anymore, they do "bonds" on new leases. They are giving back security deposits to everyone who has lived there for awhile. have no idea, but my wife said were going to move out next year when our lease is up. We didn't sign a new lease. But we signed a piece of paper saying that we received our deposit back and are not due a deposit when we move out. hopefully this won't bite us back.
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Probably a criminal background check, DNA sample, three references and one year in rent make up the bond.
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