Maryland - Home Builder Deposit — required surety bond in Maryland. Apply online in minutes.
A Maryland Home Builder Deposit Bond is a type of surety bond that guarantees a home builder will properly handle and protect advance deposits received from buyers for new home construction. If the builder fails to complete the home or wrongfully retains the funds, the bond provides a mechanism for the buyer to recover their deposit.
This bond is generally required for home builders operating in Maryland who accept advance deposits or down payments from consumers before a new home is completed. Builders acting as custom home builders or developers collecting these pre-construction funds typically need to secure this coverage.
The obligee requires this bond to protect consumers from financial loss if a builder goes out of business, breaches the contract, or misappropriates funds. It ensures that home buyers have a financial safety net when entrusting large sums of money to a builder prior to the completion of their home.
Click Apply Now to start our ~5 minute secure online application. Once approved and processed, your bond will be delivered by email for your convenience.
Premiums vary based on the required bond amount and the applicant's financial credentials. Apply online with Noah Insurance Agency or call 814-718-0060 for an exact quote.
Bond amounts vary depending on the total volume of deposits you hold and specific state guidelines. You must verify the exact requirement with the Maryland issuing agency before securing your bond.
No, this specific bond generally guarantees the protection and proper handling of the buyer's advance deposit, not the workmanship or warranties of the construction itself.
Approval times vary based on the application details and the underwriting process. Complete our quick online application to get the process started and determine your specific timeline.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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