The Maryland Home Builder Surety bond is required by the Consumer Protection Division, Office of the Attorney General. The bond is for the benefit of consumers whose payments to a home builder are protected by the provisions of Real Property Article, Annotated Code of Maryland.
Who needs a Maryland Home Builder Surety bond?
The bond is required for any builder who sells or builds single-family homes that are not completed at the time the contract of sale is signed. And, if the purchaser is obligated money to the builder before the home is complete and the property is transfered to the purchaser.
The builder is required to secure the money in an escrow account or by obtaining the Home Builder Surety bond. The bond may be either in the form of an individual bond for each deposit or a blanket bond. If the total amount of money and deposits to the builder are in excess of $10,000 the blanket bond can be obtained. See charrt below for details:
Total Amount of Deposits Held Bond Amount
- $10,000 – $75,000 Full amount of deposits held
- $75,000 – $200,000 $75,000
- $200,000 – $500,000 $200,000
- Over $500,000 $500,000
Where can I get the bond?
Surety1.com is a service of AssuredPartners, one of the largest and fastest growing insurance agencies in the nation. You can be assured of the lowest rates as we have partnered with over a dozen “A” rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service..
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
Surety1 has been in the business since 2003. We are licensed in all 50 states. As a result, our services have earned an A+ rating from the Better Business Bureau.