FAQ Tenant
- What is a security deposit?
- A security deposit is a sum of money given by the tenant to the landlord before moving in to cover possible damages made by the tenant.
- What is Bailsman?
- Bailsman offers a security deposit guarantee for the rental property industry.
- What documents and information do I need to provide?
- The tenant will be asked to provide their personal data and contact information and then verify their identity.
- How will I be identified?
- Tenant ID can be identified through Bailsman's online platform.
- Who backs the Bailsman security deposits?
- The security deposit guarantee is 100% backed by licensed financial institutions in the respective markets of the clients.
- How much does Bailsman guarantee cost?
- The monthly guarantee fee starts from 0,75% of the guarantee amount, which is paid by the tenant.
- How are the payments collected?
- Bailsman sends out the invoice for all the guarantee fees and demands.
- What is the length of the guarantee?
- Bailsman offers a guarantee for 1-12 months. After given period, it is possible to extend the guarantee for the next period or to take a new guarantee.
- How long does it take to know if the guarantee is available?
- Usually it takes only few minutes to find out if you are eligible for the guarantee. But depending on your profile, it might take up to 24 hours to receive an answer.
- Can I split the security deposit between my roommates or family?
- No, currently this function is not available.
- How can I end my guarantee agreement?
- Once the agreement is confirmed by you, it will be valid until the end date initially agreed in the agreement and cannot be ended earlier. Agreement ends when the end date arrives or the demand is submitted by the landlord.
- What happens if my financial situation changes?
- If your financial situation happens to change, you do not have to worry, as it does not have any effect on your agreements and guarantees. Nevertheless, please keep in mind that should you wish to extend your guarantee period, it may affect your eligibility for the guarantee extension.
- Why was I not eligible for the guarantee?
- You were assessed based on the data stated in your guarantee request profile. Most likely your request was denied due to the fact that your credit scoring was too low.
- What happens when the landlord decides to submit the demand?
- In case your landlord submits the demand, your guarantee agreement ends and you will receive a request to pay the demand amount in 7 days. If the payment is made on time, the case is closed. If the demand is still unpaid by the deadline, the sum is paid out to the landlord by Bailsman. Tenant's debt is handled by Bailsman.
- Can I pay the demand amount to the landlord by not using Bailsman?
- If you have received the invoice from Bailsman for the demand, the invoice must be paid to Bailsman to end the case. Any payment paid directly to any other party, including the landlord, cannot be tracked and registered by Bailsman and can later still be claimed by Bailsman.
- What happens if I do not have enough funds to pay for the demand?
- If you do not have enough funds to make the payment for the demand invoice, the sum is paid out to the landlord by Bailsman. After that your debt is handled by Bailsman. Bailsman has the right to assign the claim to a third party.
FAQ Landlord
- What is Bailsman?
- Bailsman offers a security deposit guarantee for the rental property industry.
- Who backs Bailsman's security deposits?
- Security deposit guarantee is 100% backed by licensed financial institutions on the respective markets to the clients.
- Who pays the guarantee fee?
- Bailsman fee is paid by the tenant only.
- What documents and information do I need to provide?
- You need to provide personal data and contact information of the landlord's legal representative.
- How much does it costs?
- For landlords, we offer our services free of charge.
- How can I add tenants to my property?
- You can add tenants to your property using our platform by sending them an invitation.
- How long does the guarantee request process take?
- The whole process takes just few minutes.
- How much guarantee amount should I ask for?
- You should ask for a guarantee sum that will cover potential loss or damage made by the tenant. Most of our landlords ask for the guarantee that is equal to 2 months rent.
- What can the length of the guarantee be?
- The length of the guarantee is set by the landlord. One guarantee period can be 1-12 months.
- How can I submit the demand?
- In case you have a demand to your tenant under your lease agreement and you can not settle this demand between yourself, you can submit the demand to Bailsman. For all the guarantees issued to you, Bailsman guarantees to pay to you an amount specified in your demand under the guarantee. Just find the correct guarantee on My guarantees table, specify an amount, and submit a demand to Bailsman. No proof of breach of the tenancy agreement or other documentation is required. The amount is paid out to you within 14 days. Please remember that a demand may be submitted only once with regard to each guarantee.
- When does the guarantee end?
- The guarantee ends when the guarantee's end date arrives, or when the demand is submitted by the landlord.
- Can the guarantee agreement be ended earlier than the end date?
- The tenant cannot end the guarantee early. In case the landlord is sure that he does not need to submit the demand, he can submit on Bailsman platform that he does not have any demand under the guarantee against the tenant. With that, the guarantee agreement ends.
- When will I receive the payment from Bailsman after submitting a demand?
- Bailsman will pay out the requested demand amount to the landlord's bank account in 14 days.
FAQ Broker
- What is Bailsman?
- Bailsman offers a security deposit guarantee for the rental property industry.
- Who backs the Bailsman security deposits?
- Security deposit guarantee is 100% backed by licensed financial institutions on the respective markets to the clients.
- Who pays the guarantee fee?
- Bailsman guarantee fee is paid only by the tenant.
- Do I need to register an user account?
- No, brokers don't need to register an user account.
- Why should I use Bailsman?
- Bailsman provides brokers with a tool for reaching a wider client base and clients can make faster decisions about renting. This means you spend less time per property and make more deals.
- How much does it cost to me?
- Our services are free of charge for brokers.