What Is a Property Bond?
Bailing someone out of jail can be overwhelming. Bail amounts can be high, and when you want your loved one out as fast as possible, a bail bond agent can usually help. Sometimes, though, even with the help of a bail bond, you just don’t have the cash to make it work. The good news is that there are alternatives to paying cash to make bail. One method worth understanding is the property bond.
The Basics
A property bond is one of a few ways to try to post bail without paying cash. In essence, a property bond uses your property as collateral for a bail release. Instead of providing cash, you put up the title of the property of sufficient value.
How It Works
Property bonds will not be valued the same way as cash bonds. Because property is not liquid and values can change, property bonds usually require much more collateral than comparable cash bonds. In many cases, the property will need to be worth double the bail to suffice.
Property bonds are ultimately negotiated through a bail agent rather than directly with the court. The court will set a bail like normal, and the bond agent will work out the details of the property bond between you and the court in order to secure release. The courts may require an independent appraiser to verify the bond. Assuming the appraisal is sufficient, the defendant can be released from jail without money changing hands (with the possible exception of a bond agent fee).
If bail is missed and the court has to collect on the bond, the court will pursue foreclosure on the property. When you put up the property as collateral, the court is able to put a lien on it. This lien gives them the right to foreclose the property in order to secure the bail money. When the foreclosure is complete, the courts will keep the money. If the property sells for less than the original bail, you may end up responsible for paying the difference. This is assessed on a case by case basis.
No matter your circumstances, if you need assistance paying bail for anyone, Freedom Bail Bonds can provide the help you need. Whether you’re looking to do a property bond, a cash bond, or another alternative bond method, we have the resources to get you through it. Contact us online or by phone at (817) 795-5300 to get the ball rolling and ensure no one is sitting in jail for longer than necessary.
