In most of our homes, the security deposit is a round zero euros.
Most SATOhomes come with a €0 security deposit. In some homes – for example, the student apartments on Ida Aalbergin tie – the deposit is approximately €300. The exact amount depends on the size of the home.
For most SATO homes the lease agreement will be concluded for an indefinite term. The agreement includes a clause concerning duration of tenancy, however. If you find that you prefer not to live in your SATO home for the minimum period specified in the lease agreement and you want to terminate° the agreement, we will charge you a sum equal to one month’s rent when your lease agreement expires. The minimum period of the lease agreement is twelve months.
Please note that the amount of security deposit may differ from the above if your credit history shows payment defaults or if your home state is abroad and we are therefore not able to revise your credit information. In such situations the amount of the secutiry deposit can be higher, even as far as the highest amount acceptable by the law, which is comparable to a rent of three months.
°Remember that the period of notice of rental homes is one full calendar month. This means the period of notice is calculated from the last day of the calendar month during which your termination notice was received by SATO.
The difference between a rental security deposit and a guarantee rent
In everyday language, rental security deposit and guarantee rent often mean the same thing – a sum of money handed over to the housing provider before the start of the tenancy.
The purpose of the deposit is to protect the housing provider in case the rent is not paid or if any damage is caused to the apartment.
This security sum, given as a safeguard for the rental arrangement, is returned to the resident after the tenancy has ended, provided that the resident has not caused any damage to the apartment and has paid their rent as agreed. The official term is rental security deposit, but at SATO, we refer to it simply as a deposit.
If SATO requires a deposit, it may be used after the tenancy ends to cover unpaid rent or any other expenses arising from actions that go against the rental agreement. Such expenses may include, for example, repair costs for the apartment.
The deposit can be paid in cash, as a bank guarantee, or through a payment commitment from Kela, and it typically equals 1–3 months’ rent.
Guarantee rent is a less commonly used term but generally refers to the same concept as a rental security deposit. It may sometimes be confused with rent paid in advance, which is not a deposit but rather part of the actual rent payment. SATO never charges rent in advance. The rent for each month falls due on the 2nd day of that month.
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