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Surety
Wasatch Premier Communities is pleased to offer two options to applicants who've been approved to move into one of our communities. We offer a traditional security deposit or our deposit-free option through a Jetty Surety Bond purchase. Learn more about each of these options and which one is the right fit for you!
The amount of your security deposit varies based on several factors including the community choose to live at and your credit qualifications. If there are roommates involved in your rental agreement, the security deposit will stay with the apartment until all roommates have moved out and the apartment is fully vacated. After move-out, your security deposit will be processed in accordance with State Law with any remaining amount refunded to the leaseholders. Your security deposit can be paid directly in your online applicant portal.
To reduce your out-of-pocket move in costs, you can opt for a lower cost non-refundable Jetty Surety Bond. This may save you considerably on move-in costs. At move out, you remain responsible for cleaning, damages, unpaid rent or fees. If you fail to pay your account in full when you move-out, Jetty will step in and pay Wasatch Premier Communities up to the total amount of the bond. If Jetty pays a claim to Wasatch Premier Communities, Jetty will contact you directly to collect the funds.
Not sure on the difference between a traditional security deposit and a Jetty surety bond? Here are some of the differences.
You could receive your full security deposit back if no cleaning, damages, unpaid rent or fees at time of move-out.
The surety bond is non-refundable fee.
The security deposit is determined by each community’s requirements and your application qualifications.
A surety bond may considerably lower the cost to move-in.
Wasatch Premier Communities holds your security deposit amount for the duration of your lease(s).
Instead of funds being held for your deposit, you can use them for things you need now or invest those funds for your future.
Any refund will be processed according to State law and mailed to the address you provide. This may be 14-30 days after move-out.
You do not have to wait for a deposit refund when you move-out. Instead, you saved those funds at move-in and were able to utilize when and as you desired.
The security deposit helps cover move-out expenses like cleaning, damages, unpaid rent or fees.
At move-out, you must pay for any expenses like cleaning, damages and unpaid rent or fees. The surety bond does not cover these costs.
The deposit remains with the apartment even if roommates switch.
If the bond holder moves out before the other roomates, the remaining residents will need to choose between a traditional security deposit or a remaining roommate will need to purchase a new bond.
In the case of roommates, a refunded security deposit is payable to all leaseholders. If your account balance after move out is in excess of your deposit, all leaseholders are equally and severally responsible to pay the balance.
In the case of roommates, if you fail to pay your account in full after move out. Jetty will only contact the bond holder for payment.
A Jetty surety bond is a deposit alternative that replaces a traditional cash deposit with a low, non-refundable payment. It doesn’t get you off the hook for paying rent or for damages but provides Wasatch Premier Communities security in renting to you without requiring as much cash up front. This may save you considerably on move-in costs. Check out some of the most frequently asked questions about the Jetty surety bonds.
Wasatch Premier Communities sets the required bond coverage based on the community guidelines.
No. The bond is non-refundable. At move-out,youremainresponsibleforcleaning,damagesand unpaid rent or fees. If youfailtopayyour accountin fullwhen you move-out, Jetty will step in and pay Wasatch Premier Communities up to the total amount of the bond. If Jetty pays a claim to Wasatch Premier Communities, Jetty will contact you directly to collect the funds.
No. In the event you cause damage (or miss a rent payment), you’ll still be responsible for full payment. If Jetty pays a claim to Wasatch Premier Communities, Jetty will contact you directly to get reimbursement for those funds.
Jetty allows only one (1) leaseholder to purchase a surety bond. If your householdfailstopayyour accountin fullwhen you move-out, Jetty will step in and pay Wasatch Premier Communities up to the total amount of the bond. If Jetty pays a claim to Wasatch Premier Communities, Jetty will directly contact the individual who purchased the bond to collect the funds.It is up to the roommates to determine which individual will be responsible. If the amount owed exceeds the bond, Wasatch Premier Communities will contact all leaseholders to collect the difference.
Jetty will ask for your Social Security Number (SSN) and do a soft credit check, which doesn’t impact your credit score. This check will determine your monthly price. The better your credit, the lower your cost.
You can opt for a one-time nonrefundable payment. Jetty also offers a lower monthly payment option. If opting for monthly payments, you must continue paying Jetty monthly until you move out. All transactions are directly with Jetty.
Both options have benefits and depend on each individual’s situation. With the monthly option, move-in costs are lower, but the monthly payments remain while the bond holder lives in the apartment. With the one-time non-refundable fee, you only pay once and are covered for the entire period the bond holder stays in the apartment. *It is important to note that Jetty is unable to switch from monthly to one-time or vice versa after purchase, so it is important to select the right option for you at checkout.
If you are a foreign national and don’t have a SSN yet, you can still apply for Jetty. Jetty has pricing for this scenario and can still issue you a bond.
A traditional cash security deposit is fully refundable depending on the status of your apartment after move out. The security deposit stays with the apartment until the household moves out. Upon move out, the deposit is processed in accordance with State laws. Any cleaning, damages, unpaid rent or fees is deducted from the deposit. After processing, any remaining amount is refunded via check to all leaseholders.
A Jetty surety bond is a non-refundable fee. The amount, based on a soft credit check, is lower than a traditional cash security deposit. This allows you to utilize those saved funds as you desire. You will need to provide payment for any cleaning, damages, unpaid rent or fees at the time of move-out. If youfailtopayyour accountin fullwhen you move-out, Jetty will step in and pay Wasatch Premier Communities up to the total amount of the bond. If Jetty pays a claim to Wasatch Premier Communities, Jetty will contact you directly to collect the funds.
No. You can pay a traditional security deposit or purchase a surety bond. Wasatch Premier Communities provides this as an option to get into your apartment for a lower up-front cost.
The holding fee will be credited to your first month’s rent.
Once you are approved for your apartment, please pay your security deposit or purchase a Jetty surety bond within the next two business days. Once that is complete, you will receive your lease documents to read and sign.
You will need a new security deposit or a new Jetty Bond for your new apartment. If you opted for the monthly payment option, simply notify Jetty of your move-out date.
Ready to Jetty?