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Old 06.10.2015, 18:45
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Is it okay to pay flat deposit in cash and get a receipt?

Hello,

My husband and I (with our dog) moved to Zurich 3 weeks ago, and we finally got a landlord offering an apartment to us. It was actually one of our top choices (and we were running our of patience and getting discouraged), so we accepted the offer right away.

The apartment is empty and we can move in immediately, so we made an appointment tomorrow to come to the landlord's office to sign the contract.

My questions is...
Is it a red flag if the landlord asks me to bring cash for the 3 months deposit and 1/2 of first month rent? He said he would give me a receipt.

After the conversation, I checked the forum to see if it was a normal practice to pay the deposit in cash, and it seems like it is not advised.

I did find one thread, though (I don't know how to attach a link yet), with an instance where the landlord took the cash and gave a receipt to the tenant so that he could go open the secure deposit account to move things faster. And, I am thinking maybe our to-be-landlord has asked us to bring cash to move things faster for us (which we requested) as well?

I would like to know if other people have experienced this - paying cash for deposit to move the process faster.

Or, should I just go to my bank tomorrow and ask them to open the secure deposit account for me and bring the document with me to the landlord? Some people have also mentioned getting a "slip" from the bank to give to the landlord, but I don't quiet understand how that works. Is it like a "bank certified check" in the U.S. (because that's what the landlords in the U.S. would ask for)?

The apartment is advertised by Tellco Pension Ltd. Real Estate Management or Tellco Immobilen AG and is located in Zurich.

Thank you for your responses!

Last edited by arincoc; 06.10.2015 at 19:16.
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Old 06.10.2015, 18:51
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Re: Is it okay to pay flat deposit in cash and get a receipt?

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Hello,

My husband and I (with our dog) moved to Zurich 3 weeks ago, and we finally got a landlord offering an apartment to us. It was actually one of our top choices (and we were running our of patience and getting discouraged), so we accepted the offer right away.

The apartment is empty and we can move in immediately, so we made an appointment tomorrow to come to the landlord's office to sign the contract.

My questions is...
Is it a red flag if the landlord asks me to bring cash for the 3 months deposit and 1/2 of first month rent? He said he would give me a receipt.

After the conversation, I checked the forum to see if it was a normal practice to pay the deposit in cash, and it seems like it is not advised.

I did find one thread, though (I don't know how to attach a link yet), with an instance where the landlord took the cash and gave a receipt to the tenant so that he could go open the secure deposit account to move things faster. And, I am thinking maybe our to-be-landlord has asked us to bring cash to move things faster for us (which we requested) as well?

I would like to know if other people have experienced this - paying cash for deposit to move the process faster.

Or, should I just go to my bank tomorrow and ask them to open the secure deposit account for me and bring the document with me to the landlord? Some people have also mentioned getting a "slip" from the bank to give to the landlord, but I don't quiet understand how that works. Is it like a "bank certified check" in the U.S. (because that's what the landlords in the U.S. would ask for)?

The apartment is advertised by Tellco Pension Ltd. Real Estate Management and is located in Zurich.

Thank you for your responses!
Some advice re: deposit payment in CH: Renting a Room (deposit in cash and other issues)

I'd go to the bank and have them open the deposit account for you, and then pay into that account. See this thread for more details:

Is this an elaborate scam?

Last edited by glowjupiter; 06.10.2015 at 19:05. Reason: clarification
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Old 07.10.2015, 16:10
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Re: Is it okay to pay flat deposit in cash and get a receipt?

So, we talked to the landlord to see if it would be okay for us to open up the secure deposit account ourselves and bring the proof to him. He said the account must be opened by the landlord, and we need to bring cash to expedite the move in date (as we wanted) as it takes up to a week for the account to be opened (which will delay our move in date). We checked with our bank, and they said it's fine. After signing the contract, he gave us a document from the bank (one operated by the canton) to open the secure deposit account in our names, we signed and gave him the cash, and he gave us a receipt. I requested for a photocopy of the document, and he said the confirmation letter that says the money is in the account will be mailed to us later. Everything seemed legit (we had my husband's colleague accompany us to help us out with German), and we are supposed to do the hand-over in two days.

IF we never get a letter from the bank, I will update later. But, everything went okay today.

Last edited by arincoc; 07.10.2015 at 16:29.
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Old 07.10.2015, 16:20
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Re: Is it okay to pay flat deposit in cash and get a receipt?

The landlord opening the account seems to be normal - after all in most cases they have the experience of this not the tenant.

If you have a receipt then you're fine.

Worst case, if the account doesn't appear in good time, notify the landlord that you'll open one and pay your rent in until such time as it reaches the agreed amount. Then he can keep the "original" deposit as rent and everything is level and legal.
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Old 16.10.2015, 11:20
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Re: Is it okay to pay flat deposit in cash and get a receipt?

We received a letter from the bank in 2 days with the account information and the deposit amount. Everything seems to be good.
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