Generally, cash is used to pay bail, but in some cases, property can be used to bail a person out of jail. A bail bond agency charges 10% of the premium payment, so those who do not have sufficient funds available may not be able to pay that amount. When that is the case, individuals can consider a property bond if they own property.
What Is a Property Bond?
When using a property bond, the bond amount is guaranteed by the equity of owned real estate in the same state. Usually, a minimum equity of 1.5–2 times the amount of bail is required. This equity can come from a personal residence, a commercial property, or a vacation home.
When a property bond is used, a lien against the property for the amount of the bail is secured by the court. If the person does not show up for their court date(s), the court gains ownership of the property. This may send the property into foreclosure. If this occurs, the court will collect the bail amount after the foreclosure proceeding. If this amount is not enough to cover the entire bail amount, the court will go after the accused individual to recover the additional amount.
How Are Property Bonds Obtained?
A bail bond agent can assist you in getting a property bond. The process involves several steps, which include:
- Verifying the value of the property through paperwork that confirms the value, an assessment, or an appraiser appointed by the court. Acceptable paperwork could be mortgage paperwork, title history, the property’s deed, declarations made on tax documents, or a list of current lien holders.
- Once the equity is determined, the court will proceed with the paperwork if the amount to finance the bond is available.
- This paperwork will be presented to the judge, who will consider the bail release.
Additional Considerations for Property Bonds
More than one person may be listed on the tax statement or warranty deed of a property. If this is the case, each owner must sign a statement agreeing that they authorize the property to be used to finance a bond.
At the end of the proceedings, either when the case is closed or the individual has been found guilty or innocent, the lien on the property will be released by the court. This happens no matter the outcome of the hearing, as long as the accused shows up for all court dates.
If you would like more information about property bonds, contact our Atlantic Bail Bonds team today. When you or a loved one needs to get out of jail in West Palm Beach, we can help.