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How do real estate surety bonds work?
Each real estate broker bond issued is a legal contract binding these three entities together:
- The principal is the broker working between the buyers and sellers of real estate.
- The obligee is the government agency requiring a real estate broker to get bonded.
- The surety is the insurance company backing the bond with a financial guarantee.
What is the cost of real estate broker bonds by state?
Bond amounts and regulations surrounding each license are established on the state level. Therefore, bond costs and requirements vary from state to state. Select your state below for more information about real estate broker bonds in your area or call 1 (800) 308-4358 to speak with a surety expert.
How can I save money on this type of bond?
At SuretyBonds.com, we realize you don’t have time to waste during the bonding process. We don’t want you having to shop around with countless surety companies to find the best rate, so we do all the work for you! As a broker agency, we shop your bond around with trusted insurance companies, ensuring you get the best rate possible. We work with exclusive insurance underwriters, meaning our specialists have access to some of the lowest surety bond rates in the market.
Why do I need a real estate broker bond?
Real estate broker bonds guarantee the money and property turned over to an agent and/or broker in a real estate transaction are truthfully accounted for. Some state governments require real estate brokers to be bonded before a professional license can be issued.
SuretyBonds.com also offers exceptional service for mortgage broker bonds.
How can I obtain a real estate broker bond with no credit check?
This type of surety insurance is freely written, as it involves limited risk, meaning you can obtain your real estate agent surety bond without having to undergo a credit check!
Our account managers are licensed to issue surety bonds in all 50 states so we can help you no matter where your business operates! Before applying for a bond, you should check with your state, county and city government agencies to verify specific bonding requirements. If you come across any questions about the bond you need or the surety bond application process, contact a surety specialist online!