Whats the advantage to purchasing a surety bond instead of paying a security deposit?
The price for purchasing a surety bond may be less than the amount of the security deposit. If it is not, there is no advantage to buying a surety bond. The amount of the surety bond cannot on its own, or combined with any security deposit, exceed two months rent. However, even if the surety bond is less expensive, tenants should keep in mind that they will not receive a refund of the money they paid for the bond (unlike a security deposit which must be refunded, plus interest, minus damages). Tenants who are asked to purchase surety bonds by their landlords are entitled to many of the same protections they are entitled to when they pay a security deposit. For example, tenants who purchase surety bonds have the right to: inspect the rental premises with their landlord before and after they occupy the property, receive a list of damages the landlord claims that the tenant is responsible for, and receive a receipt explaining their rights when they are asked to purchase a surety bond. Ret
