Apartment Deposit -- Cheque or Cash?

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sociologist
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Apartment Deposit -- Cheque or Cash?

Post by sociologist » Sat, 22 Sep 2007 8:38 pm

I'm looking at an apartment tomorrow that sounds very promising. The agent told me to bring cash for the deposit. That sounds suspicious to me -- I'd much rather write a cheque. Are cash "good faith deposits" standard here?

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sundaymorningstaple
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Post by sundaymorningstaple » Sat, 22 Sep 2007 9:07 pm

Well, you could bring a chequebook, but it somebody else brings cash and offers $50/mo more, because your cheque is not yet cashed the other party just took your apartment.

Is is right? NO Is this type of behaviour common? YES Especially in todays overheated rental market. When you go to view the house there may be 2 or 3 others viewing it at the same time and it has often ended up in a bidding war right then and there. As long as you get a receipt, always remember cash is king!
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

sociologist
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Post by sociologist » Sun, 23 Sep 2007 7:45 am

Unfortunately, the agent called me yesterday evening, long after the bank was closed. And you can only take a certain amount of money out of the ATM. So, I guess I'll bring a couple hundred cash and hope to be able to pay the rest by cheque! Thanks for letting me know this is fairly common practice.

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