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California 611 - Completion of Common Facilities Bond

March 24, 2020

The California 611 surety bond is required by the CA DRE on behalf of HOA's, for the completion of work of common facilities. The bond is offered based on good credit, strong financials, if required. The approval rate offered is 1.5%. Please call AmeriPro Surety Bonds today at 844-589-9732.

California 611 Surety Bond --

Completion of Common Facilities Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

California 611 Surety Bond;

Requirement and Purpose

 

 

The California 611 surety bond is a requirement of the California Department of Real Estate.  The surety bond keeps you in compliance with the California Business and Professional Code, §11018.5(a)(2)(4), as amended.

This regulation is a financial guarantee for California homeowner associations that any improvement work begun by the Principal will be completed as required by statute; and that, moreover, the work will also be "lien free" upon completion.

The California 611 surety bond is a purchased by the Subdivider in favor of the obligee, in this instance, the HOA.  The bond is a legally binding financial protection on behalf of the HOA for the duration of the surety bond as required by the California DRE.

 

 

Qualifying and the Premium

 

 

Qualifying for the California 611 surety bond includes completion of an application, providing additional paperwork and documentation as may be requested, and undergoing a credit check inquiry.

As part of the underwriting procedure, we'll need you to provide our agency with a copy of the "Planned Construction Agreement".  And, we'll need to know the address and other contact information for the obligee; that is, the HOA.

Our agency can begin much of the application with you over the phone; however, upon approval of your surety bond, we'll need you to sign the application.  This is known as the Indemnity Agreement.

To be sure, good credit is required for approval of the California 611 bond.

Approval will be offered at 1.5% of the surety bond amount.  Once your surety bond is approved and the payment is received, our agency issues your bond to you immediately.

Your original surety bond and Power of Attorney form will be sent to you by mail.  Upon receipt of all both items, you'll sign your bond as Principal before filing it with the Obligee.

 

 

Duration of Your California 611 Surety Bond

 

 

The California 611 surety bond is issued for a standard one year term.  At the conclusion of you bond term, the option is presented to you for renewal for an additional year.

If your surety bond is not renewed, the Surety Company will notify the Obligee by mail of the cancellation of your bond.

 

 

About Us

 

 

AmeriPro Surety Bonds is a surety bonds-only agency.  We provide license and permit, court, probate, and other surety bonds in all 50 states and the District of Columbia.

Please call our agency today:

844-589-9732

Or, you may fill out the form below and a Surety Agent will contact you...

 

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