SureDeposit is based
on a simple concept: instead of requiring a full security deposit, residents are
offered the option of promising to return the unit in good condition and paying
a modest one-time premium. Remember, it is an option - no property owner can
require a resident to purchase SureDeposit
as a condition of a lease. When a resident
elects to use the SureDeposit program, they
sign onto a surety bond that replaces (or
supplements) a traditional security deposit.
SureDeposit guarntees the performance of
a resident according to the terms of a signed
lease agreement. The resident promises to
return the unit in good condition, and to
satisfy all rental and financial obligations.
If the resident does not meet their obligations,
they are required to reimburse the Surety
for the amount owed of their rental and
is a Surety Bond?
surety bond is a written agreement that
usually provides for monetary compensation
in case the principal fails to perform the
acts as promised. A surety bond is a form
of insurance that is created whenever one
party guarantees performance of an obligation
by another party. There are three parties
to the agreement, as defined by the Surety
Association of America.
do I Sign Up?
you accurately complete the SureDeposit
application and pay the required one-time,
non-refundable premium, you are automatically
a SureDeposit client when your new lease
Happens At the End of My Lease Term?
you pay your last month's rent and honor
the other condidtions of your lease, you
simply move out without any further obligations.
If you have not fulfilled your commitments
under the lease, the Surety must pay the
Property Owner and you will be required
to reimburse the surety company for damages,
loss of rent and related expenses.
Long Am I Covered for By Paying This One
the duration of your residency at your community,
including all lease renewals. In other words,
whether you stay in the same community for
six months or sixty years, the one-time
premium is all you will pay SureDeposit.
I do Owe Fees, Rent or Damage Expense, Can
I Pay It Directly to the Apartment Community?
That is the best thing to do. Once the outstanding
monies are paid to the Apartment Community,
no claim will be filed and you will have
no obligation to the Surety.
more information, please visit: http://www.suredeposit.com/residents