Subdivision Bonds — Part 4

Subdivision Bonds — Part 4

Suretyship is one of the oldest professions in the world, but few are familiar with the industry. In a way, a surety bond is similar to having a co-signer for an obligation. It is viewed as an extension of credit. If the developer of a project fails to build what is...
Subdivision Bonds — Part 3

Subdivision Bonds — Part 3

A partial list of types of construction work that are covered by the Subdivision Surety Bond have to do with the site work:  Grading, Roads, Sidewalks/curbs, Water connections, Sewer utilities, Electric utilities, Street lights, Drainage, Retention ponds, Landscaping,...
Subdivision Bonds — Part 2

Subdivision Bonds — Part 2

Subdivision bonds, a type of surety bond, are currently in demand as housing prices continue to rise and developers look to build homes and housing developments. Builders purchase raw land for the project and depending on which governmental entity — states, counties,...
Subdivision Bonds — Part 1

Subdivision Bonds — Part 1

A land subdivision is when a developer takes a piece of raw land with nothing on it, and divides it into smaller pieces or lots, presumably to build homes. The lots can become other things, but typically it is intended for homes. Let’s say you have a one-acre...
The Site Improvement Bond

The Site Improvement Bond

Today, I would like to discuss what are commonly referred to as Site Improvement bonds. Sites that are being developed by a real estate entity, especially those that need to be hooked up to either the electric grid or the water system of a municipality, or a new...

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