Real Estate Broker Bond
What is a Real Estate Broker Bond?
A Real Estate Broker bond guarantees faithful accounting for monies or properties turned over to an agent/broker in connection with a real estate deal. It guarantees that monies or properties that exchange hands will be properly accounted for during a real estate transaction.
How does a Real Estate Broker Bond Work?
A Real Estate Broker bond is needed for all agents who handle funds and documents during a real estate transaction. It is the Real Estate agent’s duty and responsibly to process and report everything to the state in an ethical and moral way according to the individual state’s regulations to protect the client. These bonds protect the general public against fraud during a real estate transaction. If fraud is discovered, a surety carrier will interject to correct the situation and take care of the claimant.
How much does a Real Estate Broker Bond Cost?
The cost of this type of bond is based on the bond amount required by the state in which the bond is required. A big factor in pricing is determined by the original construction contract, the court that is involved, the amount of the bond, and the personal credit report of all owners and spouses. The majority of the times these bonds require 100% collateral and an annual premium. Someone with good credit may pay a lesser premium than a person with poor credit. However, just because someone has poor credit does not mean we cannot help you. At Universal Service Agency, we strive to find our clients the best rates with the strongest rated carriers to insure you are getting the best bond coverage available.
How do I get a Real Estate Broker Bond?
You can get a Real Estate Agent/Broker bond by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a Real Estate Broker Bond?
Universal can issue bonds the same day an application is received. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
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Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.