100,000 Bond for Minnesota Real Estate Closing Agent
Real estate closing agents will be required to post a $100,000 surety bond that will secure the closing agent’s cooperation with the applicable law and the agent’s contracts. The bond will be posted because it will be available to pay the costs and penalties incurred as a result of the closing agent’s failure to comply. This bond will have to cover all of the closing agent’s employees and independent agent’s. The insurance agent that is providing this bond to the closing agent must be licensed in that particular state.