A Question for Brokers
Anyone who is shopping for a new home will be full of questions. Besides wanting the bed/bath count or inquiring which school district the home is located in, buyers in Massachusetts, New Hampshire and West Virginia also need to ask their real estate broker, “Are you bonded?”
Buying or selling a house is a big investment that often times requires monetary deposits and contractual agreements. A dishonest real estate broker can make this a terrible experience and cost the client big bucks. Homeowners deserve a real estate professional who is honest and reliable.
A bonded real estate broker provides their clients a guarantee that money will be handled properly and business will be conducted in compliance with state regulations.
A West Virginia real estate broker or sale persons must have a $2,000 bond. Massachusetts requires real estate brokers to have a $5,000 bond, and New Hampshire real estate brokers need a $25,000 bond.
Also, if you are shopping for manufactured housing in Oregon, a Manufactured Structures Dealer is required to be bonded for $40,000 in addition to being licensed.
The premiums for these bonds depend on various factors including the bond amount, the broker’s financial strength and experience in the industry.
Out of State Brokers
If you are a Real Estate Broker in another state and doing business in Massachusetts, New Hampshire or West Virginia, you may also need to be bonded.
How to Get Bonded
If you are in the real estate business and you need a surety bond, you must purchase it from a Surety through a licensed agent, such as SuretyGroup.com.
SuretyGroup.com‘s Surety Bond Specialists can often give you same-day approval that makes the process quick and easy.
Have questions? SuretyGroup.com can help. Give us a call at 1‑844‑432‑6637 or email email@example.com and our Surety Bond Specialists can walk you through the bonding process.
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