Georgia Landlord Tenant Security Deposit Bond
AmeriPro Surety Bonds | 844-589-9732
To qualify for this surety bond will require that an applicant have good credit.
Georgia Landlords and Security Deposits
In Georgia, landlords who accept security deposits from tenants or to-be-tenants have two options for securing tenant deposits.
The first is to open a segregated account and deposit the funds in that account. You are also obliged to let your tenants know where these funds are held.
The second option is to obtain a tenant surety bond.
AmeriPro Surety Bonds provides the Georgia landlord tenant security deposit bond as both a new and renewal surety bond.
Georgia Landlord Tenant Security Deposit Bond: The Amount Required and Where Deposited
The amount of surety bond required of a Georgia landlord is as follows:
- The full amount of all total deposits from all tenants
Whichever amount is less.
Georgia Landlord Tenant Deposit Bond: Where Filed
The bond is filed in the Superior Court of the county where the tenant resides.
If you happen to have properties in more than one county, you may wish to check with the County Registrar as to where the bond is to be filed.
Purpose of this Tenant Deposit Surety Bond
The purpose of this landlord tenant deposit bond is a financial guarantee which ensures your compliance with §44-7-34.
In a nutshell, the purpose of this bond is to guarantee, subject to certain exceptions, that within one month of a tenant terminating or ending their lease, that their security deposit is returned to them.
While the bond is purchased by you as landlord (and, you are this surety bond’s principal), its benefit is for the protection of the funds of your tenant.
Should you for some reason wrongfully fail to return any funds owed your now former tenant, this surety bond allows the tenant to file against it in an attempt to recover money owed.
But as principal of this bond, you ultimately shoulder the financial responsibility for it.
In the present instance, this would mean that you are legally liable to reimburse the surety for any claims paid against your bond.
Georgia Landlord Tenant Security Deposit Bond: The Premium/Cost for This Surety Bond
In Georgia, the landlord tenant deposit surety bond amount caps at $50,000, so we’ll use this as the baseline for our purposes.
The premium amount will be determined by information provided on an application and the applicant’s credit score.
A $50,000 Georgia landlord tenant deposit bond for an applicant with good credit may cost as little as 2% of the bond’s amount.
However, we caution that the amount that you personally will be required to pay may vary little, not at all, or substantially.
AmeriPro Surety Bonds will work for you to find you the best surety bond pricing.
Duration of the Tenant Deposit Bond:
The bond is active for one year from the date of issuance and thereafter, the bond must be renewed.
Application Process: What to Expect
Besides the very general questions asked on any application, an applicant for this surety bond will be asked about:
- Any pending lawsuits or unsatisfied judgements;
- If you have previously had a surety bond canceled. If so, you will be asked to explain why that occurred;
- Whether or not you are in bankruptcy or have ever declared bankruptcy. (Having declared bankruptcy in the past simply happens; we can work with that. However, being in a current bankruptcy will likely disqualify you from the bond.);
- Whether or not you have any outstanding liens or collections.
Explanations and being candid with our agency is the best way to go. Mistakes are not disqualifying; they are a feature of life and the business world. Again, our goal is to get you qualified; it’s what we do.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Georgian
Our agency also provides surety bonds nationwide.
We look forward to working with you to provide you the Georgia landlord tenant deposit surety bond pricing at a workable premium.
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