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Old 18.01.2015, 19:53
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Paying the deposit on a flat

We finally found a new flat that suits us.

We've been going over the paperwork and they specify that the deposit and first rent should be paid by the Orange/Pink slips, it's 3 months rent as a deposit and a month's rent due by the start of the next month when we're set to move in.

My only worry is that the rent and the deposit are both arranged to go into the same bank account. I've always heard that the deposit should go into a bank account that's opened in my own name rather than one owned by the land lord? Am I right to be worried?
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Old 18.01.2015, 20:02
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Re: Paying the deposit on a flat

You're right.
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Old 18.01.2015, 20:02
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Re: Paying the deposit on a flat

I just asked my Swiss husband (Zurich area) if it would be considered strange for a landlord to put a new tenant's deposit money into his (the landlord's) own account. My husband said it would be a bit strange, because the landlord would be able to spend that money (or invest it, etc.).

My husband said that what's normally done is that a new account is opened by the landlord in the new tenant's name, but there is a stipulation that the money can only be accessed once the rental contract is terminated. Apparently, the landlords usually provide new tenants with a form for them to sign, regarding this new bank account.

I suggest that you ask your landlord about it directly.
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Old 18.01.2015, 20:04
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Re: Paying the deposit on a flat

Thanks, we're dealing with the agency at the moment so I'll give them a call tomorrow.
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Old 18.01.2015, 20:05
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Re: Paying the deposit on a flat

We just went into the bank and set up an account specifically for this. We can't access the money, but it shows on our internet banking & we earn the interest!
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Old 18.01.2015, 21:28
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Re: Paying the deposit on a flat

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Thanks, we're dealing with the agency at the moment so I'll give them a call tomorrow.
Agencies know the rules. Most stick to them but there are exceptions.

Is the timing very tight for when you are to move into the new flat? If this is the situation, sometimes you pay the money to the agency and once the rental deposit account is set up the money is transferred over.

If this is NOT the situation, then you should be concerned.

The second point is about the first month's rent. This is due by the first of the month when the rental contract begins. So if the contract starts February 1, the rent must be in the landlord's account by that date.
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Old 19.01.2015, 14:43
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Re: Paying the deposit on a flat

The rent deposit is only to be used if you deliver the property in a diferent state that you got it.
Usualy the Money goes to a spercial account in your and your landlord's name.
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Old 19.01.2015, 15:05
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Re: Paying the deposit on a flat

It's still a couple of weeks before we move in so I guess there would be time to set up a new account in our name, it worries us a bit that we'll be paying the deposit directly to the owner of the property but it seems to be through a reputable agency.
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Old 19.01.2015, 15:17
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Re: Paying the deposit on a flat

If it's reputable then there is absolutely no reason the deposit should be paid directly. I would be asking some direct questions very quickly.
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Old 19.01.2015, 15:23
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Re: Paying the deposit on a flat

How will you get your money back at the end of the contract and what is the legal cover if the money is held by the owner?

In Switzerland it is most common to open a blocked account, signed in your name and blocked to the owners of the rental contact. It can only be release when the rental contact is closed and that there are no costs outstanding.

I was able to reclaim my 5000 when I left with a 4 month delay, as the landlord took ages to issue the right paper work.

If it was not in my own named account, I don't think i would have been so comfortable. I also did earn the interest on the amount, although not quite a cup of coffe's worth.

What is the justification for the Owner to want to hold onto the cash them selves? It sounds dodgy.
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Old 19.01.2015, 15:25
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Re: Paying the deposit on a flat

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It's still a couple of weeks before we move in so I guess there would be time to set up a new account in our name, it worries us a bit that we'll be paying the deposit directly to the owner of the property but it seems to be through a reputable agency.
A deposit account can be set up in less than 2 weeks if you don't do everything through the post. Most banks have the forms you can download and complete. If you take everything into the branch where the account needs to be opened that will speed things up. If you are missing documents that will slow things down. At some banks these accounts are not opened at the branch level but in a central location. Still if you go to a branch and tell them you need a rush put on it I think they will do their best.

Don't pay the deposit to the landlord's personal account. The rental deposit account needs to be set up in your name and the landlord needs to sign the papers to open the account.

The agency knows the process. It is not unusual for agencies to hold the deposit in trust while the rental deposit account is being opened. This is a far better alternative than paying it to the owner.

If the agency is suggesting the deposit is to be paid to the owner directly, something is not right.
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Old 19.01.2015, 15:35
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Re: Paying the deposit on a flat

Ok, a bit more information now that the guys at work have done some translation for me.

There's a form here to set up the Mieterkautionssparkonto account to hold the deposit, it's just got the box for the Orange forms ticked and there is an Orange form provided to pay the deposit into the landlord's account.

The bank they've chosen to use is the Zurcher Kantonalbank so we can't exactly just go there to sort it all out.
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