Nevada Escrow Agent Bond Requirements
All applicants for a Nevada escrow agent license have to obtain an escrow agent bond. It is one of the main criteria you need to fulfill to get the legal right to operate in the state.
Why Is This Bond Required?
The Nevada Department of Business and Industry sets the requirements you need to meet to get an escrow agent license in the state. The surety bond is one of them. You have to provide it in the official bond form.
The goal of the bond is to guarantee that you will abide by the laws in the state when operating as a licensed agent. It protects your customers financially. In case they sustain damages because of unlawful activities that you commit, they can demand reimbursement via a bond claim. The maximum compensation they can seek is the penal sum of the bond that you have posted.
Want to learn more about the way bonding works? You can delve into our extensive ‘What is a surety bond’ guide.
For further questions, you can reach us at 866.450.3412.
What’s the Nevada Escrow Agent Bond Cost?
The price of your escrow agent bond depends on the amount that you need to provide for the licensing.
This amount is based on your average monthly escrow liability in Nevada:
- $20,000 bond - less than $50,000
- $50,000 bond - $50,000 – $250,000
- $100,000 bond - $250,000 – $500,000
- $150,000 bond - $500,000 – $750,000
- $200,000 bond - $750,000 – $1,000,000
- $250,000 bond - more than $1,000,000
To get bonded, you need to pay a small percentage of the amount. It’s referred to as the bond premium. When you apply with a surety, it evaluates your personal and business finances to set it.
Factors That Determine Your Bond Cost
Your personal credit score is the main factor that shapes the cost of your Nevada escrow agent bond. Applicants with good credit scores get rates between 1%-3% of the required bond amount.
The other factors that contribute to the bond formation are:
- Personal and business finances
- Fixed and liquid assets
- Industry know-how and experience
For a full overview of how your bond cost is formulated, you can consult our surety bond cost guide.
In the table below, you can find out an estimate of your cost based on your credit score.
|Nevada Escrow Agent Bond Cost Based on Credit Score|
|Average monthly escrow liability||Bond Amount||Credit Score|
|Above 700||650-699||600-649||Below 599|
|Up to $50,000||$20,000||$200-$600||$200-$600||$200-$600||$600-$1,000|
|$50,000 – $250,000||$50,000||$500-$1,500||$500-$1,500||$500-$1,500||$1,500-$2,500|
|$250,000 – $500,000||$100,000||$1,000-$3,000||$1,000-$3,000||$1,000-$3,000||$3,000-$5,000|
|$500,000 – $750,000||$150,000||$1,500-$4,500||$1,500-$4,500||$1,500-$4,500||$4,500-$7,500|
|$750,000 – $1,000,000||$200,000||$2,000-$6,000||$2,000-$6,000||$2,000-$6,000||$6,000-$10,000|
|More than $1,000,000||$250,000||$2,500-$7,500||$2,500-$7,500||$2,500-$7,500||$7,500-$12,500|
Get an Escrow Agent Bond
Ready to apply for your Nevada escrow agent bond? You can click on the banner to obtain a free quote. You can then purchase your bond online.
For more details about escrow agent bonds, you can call us at 866.450.3412 and speak with our bonding specialists.
Bryant Surety Bonds is licensed to issue escrow agent bonds in all 50 states. We can assist you to get bonded as an escrow agent anywhere in the country!