Frequently Asked Questions FAQ Tenant What is security deposit? A security deposit is a sum of money given by the tenant to the property owner 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 it cost? The monthly fee for using Bailsman's service starts from 0,75% of the guarantee amount, which is charged to the tenant. How are payments collected? Payments for guarantees and claims must be paid to Bailsman to end the case. Any payment paid directly to any other party cannot be regulated by Bailsman. What is the length of the coverage? On average, Bailsman offers coverage for 1-12 month periods. After a given period, it is possible to take out a new guarantee. How long does it take to know if the guarantee is available? On average, the process takes up to 3 seconds. Can I split the security deposit between my roommates or family? No, currently this function is not available. How can I end my contract? The contract period cannot be ended earlier than initially agreed. Contract ends when the end date arrives or the claim is made. 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 current and active sureties. Nevertheless, please keep in mind that it might should you wish to extend your guarantee period, it may affect the outcome. Why was my application denied? Your application might be denied to due to fact that your credit scoring is too low. What happens when I forgot to make the payments to Bailsman on time? To avoid payment delays, we send you a reminder notice. What happens when the landlord decides to realize the claim? In case your landlord files a claim, your guarantee contract ends and you will have 7 days to pay the amount. After that if the claim is still unpaid, the sum is paid out to the landlord by Bailsman. Tenant's debt is handled by Bailsman. Can I pay the claim by not using Bailsman's platform? Claims paid via Bailsman are tracked by Bailsman's system, which means all paid claims are ending the open contracts without complaints. Any payment paid directly to any other party cannot be regulated by Bailsman and can later still be collected by Bailsman. What happens if I do not have enough funds to cover the claim? If you do not have enough funds to cover the claim, the sum is paid out to the landlord by Bailsman. After that you can plan your repayment with the 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 for the service? Bailsman charges a service fee to 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. How long can the guarantee period be? The guarantee period can be set by the landlord. One period can be no longer than 12 months. How can I realise the claim? In case of the damage, a claim can be filed with the press of a button. No proof or explaination is asked from the landlord. The tenant will be notified and requested to pay the amount. Bailsman will pay the requested amount to the landlord's bank account in 14 days. How can the tenant's guarantee be ended? Tenant's guarantee ends if the guarantee period is over and not extended, or when the claim is realised by the landlord. When will I receive the payment from Bailsman after submitting a claim? Bailsman will pay the requested 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 for the service? Bailsman charges a service fee to 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.