Getting arrested is a stressful time not just for the person being arrested but also for those that care about them. Using a property bond to help them get released may be one of the best options you have. However, the process can be confusing, which is why you must work with the right bond company.
By working with a reliable bail bond company like Apex bail Bonds, you receive valuable information and help with the processes so that your loved one is released on bail quicker. By working with us, your loved one and family can have a less stressful time and focus on what matters most.
What Are Property Bonds?
In most cases, bonds are paid for in cash. However, there are many types of bonds, such as cash bonds, surety bonds, and more. Property can act as collateral and can be used to cover bonds and is especially useful if cash is not readily available. Many bond agencies will charge a percentage of the premium paid for these services, and anyone low on the amount needed can still pay this using their property instead of cash to cover the premium.
In short, a property bond is secured by placing a lien on a property. If the defendant does not show up to court on the specified dates, the court can take over property ownership.
How Do Property Bonds Work?
You’re probably wondering how a property bond works?
When using a property for bail, the bond is guaranteed by a promise of putting up real estate equity. Usually, this real estate is located in the same state. If the property is going to be accepted as a bond, it has to have equity of at least one and a half times the amount of bail requested.
There are specific types of property commonly used for property bonds:
- Commercial buildings
- Residential homes – personal, main homes, or vacation properties
- Farmland
- Apartment building
Just like with a traditional cash bond, a property bond states to the court that the defendant will show up to court on their requested court date.
Further Information to Note on Property Bonds
There are times when you may be unable to receive a property bond. Usually, this only happens when the real estate market in the area is not at its best, or there is a low demand from people to buy property in that area. The court may have difficulty selling the property if the defendant does not show up for their court date, which makes them not want to take the property on.
Property bonds can only be obtained by the court; they’re also not allowed in every jurisdiction. No matter the outcome of the hearing during the court date, the lien on the property will be released as long as the defendant does their part by showing up to court and following the requirements to the letter. Once the case is closed, the lien is released.
What if They Don’t Show Up to Court?
Since you’re putting your property equity on the line, you’ll likely want to know what happens if the defendant does not show up in court when they’re supposed to. As we have mentioned, when the property is used to secure the bond, a lien is placed on this property. This is a lien for the amount that bail would normally cost. This amount can vary depending on the specific charges and other factors.
If the defendant does not show up to the specified and agreed upon court date, the rights of the property go to the court. The property then is faced with foreclosure. If and when this happens, the court would then obtain the money that is made from the foreclosed property after it has been sold. The sale of the foreclosed property covers the bail amount that was agreed upon and any other court charges.
If the foreclosure doesn’t sell or doesn’t sell for enough money to cover the bail amount, the defendant is liable to pay back the amount owed. If the sale exceeds the amount owed for the bail, the defendant receives the overage back less the bail amount agreed upon. Bond property is the court’s property until the bail amount is settled in full.
What Are the Benefits of Using Property Bonds?
There are several benefits that come from using a property bond over cash. Taking this option can help you secure your loved one’s release without raising money, borrowing it, or taking a loan. In essence, having a property asset that you can use to secure a bond means you do not have to incur further financial hardship as you help your loved one mitigate their legal issues. While they’re not ideal for everyone in every situation, they can make things easier for many families struggling to meet bail amount requirements.
While using a bail bonds agent is always highly recommended, you may feel that the services offered are too expensive, even if the company offers you a payment plan. You may decide to work directly with the court and offer your property as collateral at this point. Even though by using property bonds, you have foregone the monthly bail bonds agent fees, you are at a higher risk of losing your property.
However, not everyone understands how bail bonds work, and even if you do decide to use property as collateral, you can still work with a trusted bail bonds company to help you. Apex Bail Bonds will help you with these processes, including verification of ownership, appraising the property, and other court requirements.
Contact Apex Bail Bonds, A Dedicated Team Of Experts
Apex Bail Bonds is a team of experienced bail bondsmen who have our client’s best interests at heart. We will help you select the best bail bond option for your situation, including large bail assistance, cash bail bonds and property bonds.
Apex Bail Bonds ensures that you get the bond coverage you need through personalized payment plans and options. We care about our work and are dedicated to helping when you need us most. Your loved one doesn’t have to sit in jail longer than legally required. Allow us to offer you the bond you need to get them out.
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