What does it mean when a claim has been submitted against my Padder Guarantor Bond?

When a claim is submitted against your Padder Guarantor Bond, it means the following:

1. Move-Out Inspection:

   • After you move out, your leasing team conducts an inspection of the property.

2. Final Account Balance:

   • Charges may be added to your final account balance for various reasons, such as:
     • Damages to the property
     • Unpaid utilities
     • Unpaid rent
     • Rent-related charges

3. Payment Responsibility:

   • You are responsible for paying these charges within a reasonable timeframe.

4. Filing a Claim:

   • If you do not pay the outstanding balance in time, the property management has the right to file a claim with Padder to recoup their losses.
   • Once a claim is submitted, Padder will cover the charges up to the bond amount, and you will owe this amount to Padder.