So you’ve found the perfect White Oak Apartment and you’re ready to move into your new home, but then you remember the dreaded security deposit. Don’t you wish you could just skip that part? Well now you can with our No Security Deposit Program. We understand that moving is expensive and security deposits can drastically increase your moving costs. For that reason, we offer SureDeposit in place of paying a security deposit. This voluntary program allows you to simply pay a low, one-time, non-refundable premium instead of paying a large security deposit.
What is SureDeposit?
The SureDeposit program is based on a simple concept: rather than pay a full security deposit to us, you may choose to pay a one-time premium to SureDeposit. When you elect to use the SureDeposit program, you sign a surety bond that replaces (or supplements) a traditional security deposit. When you sign SureDeposit, you are guaranteeing that you will fulfill your obligations according to the terms of a lease agreement signed with the property company. You promise to return the unit in good condition, and to satisfy all rental and financial obligations. If you do not meet your obligations, you are required to reimburse SureDeposit up to the coverage amount of the bond, and to reimburse the property company for outstanding obligations in excess of the coverage amount of the bond.
What is a surety bond?
A surety bond is a written agreement that usually provides for monetary compensation in case the principal (see below for definition) fails to perform the acts as promised. A surety bond 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 (www.surety.org).
The principal is the party that undertakes the obligation (The Resident).
The surety guarantees the obligation will be performed (SureDeposit).
The obligee receives the benefit of the bond (The Property Company).
Are there any other costs for SureDeposit?
No – your one-time premium is all you pay if you have fulfilled your lease obligations.
The SureDeposit program is completely voluntary. It is designed to give you more flexibility and less anxiety about your security deposit. If you would like to learn more, please contact our leasing office.