Flip can hold a security deposit in escrow during a lease. We'll mediate any disputes that come up and make a final decision on approving or denying any claims.
Before you put down or request a security deposit on Flip, you’re probably wondering:
- Can I get refunded before my lease starts?
- How long do refunds take after I move out?
- Where is the deposit held?
- How do I make a claim on the deposit?
- What kind of damages does Flip cover?
- Can I dispute a claim made by my lister?
Can I get refunded before my lease starts ?
If you haven't already signed a lease agreement, you can get a refund on your deposit by emailing [email protected].
How long do refunds take after I move out?
Unless otherwise specified in your lease, the lister has ten days after the end of the lease to file a claim for damages against your deposit. If no claim is filed within that period, your deposit becomes available to be refunded. To request a refund, please contact [email protected]. Refunds can be issued prior to the end of the ten day window upon request from the lister.
Once a refund is sent to you, processing times vary from five to ten business days.
Where is the deposit held?
We hold the security deposit in our account for the duration of your lease.
How do I make a claim on the deposit?
If you would like to request a claim on your security deposit at any point during the lease, please contact [email protected].
We will ask you for a detailed description of the damage and repair costs. We'll also ask for pictures of the damage and proof of payment for repairs. After we have this information, we will investigate the claim and make a decision within five business days.
During the investigation, we will seek additional information from the renter and other sources as needed. At the conclusion of the investigation, our team will issue a decision and send out any applicable security deposit payouts. Flip reserves the right to make a final decision on any security deposit claim.
What kind of damages does Flip cover?
The dispute is likely to be resolved in the favor of the lister if there was clear damage caused by the subtenant to structural parts of the apartment or any furniture. Security deposits generally do not cover wear and tear.
The dispute is likely to be resolved in favor of the renter if the claim is for loss of wages due to miscommunication or anything that would be remedied by a standard cleaning.
Can I dispute a claim made on my security deposit?
If your lister makes a claim against your deposit, we'll reach out to you for more information.