Being arrested can be a harrowing experience, but it's important to know what options are available to secure your release. Two options you might hear about are property bonds and bail bonds. While they might sound similar, they are distinct forms of securing release from jail.
In this blog, we'll explain some things you need to know about property bonds and bail bonds.
What is a property bond?
A property bond is a form of bail bond where property is used as collateral to secure the bail payment. In the event that the defendant does not appear in court, the court has the authority to foreclose on the property. Property bonds are usually only accepted in cases where bail amounts are high, and the property used as collateral must be worth at least double the amount of bail.
What is a bail bond?
A bail bond is a contractual agreement that includes the defendant, the court, and a bail bond agent. The accused remits a non-refundable payment to the bail bond agent, who then acts on behalf of the accused to post the bail. Should the defendant fail to appear in court, it becomes the responsibility of the bail bond agent to ensure the defendant's presence, potentially resulting in additional charges for the defendant.
How to obtain a property bond or a bail bond?
To obtain a property bond, you will need to contact a surety company that specializes in property bonds. The company will send an appraiser to assess the value of the property and set the terms of the bond if it is approved. For a bail bond, you will need to contact a bail bond agent, who will explain the process and fees associated. You may need to provide collateral or a co-signer to secure the bond.
Pros and Cons of Property Bonds and Bail Bonds
Property bonds can be a good option for those who cannot afford the non-refundable fee of a bail bond. They also do not require a bail bondsman, as the property owner acts as collateral. Nevertheless, property bonds carry a certain level of risk as the court retains the authority to seize the property if the defendant fails to appear in court. Bail bonds, on the other hand, provide a more straightforward option, allowing the defendant to pay a non-refundable fee and have the bail bond agent handle the rest. Nevertheless, the fee can be expensive, and in the event of the defendant's absence in court, they could incur extra charges. Moreover, a bail bond agent might enlist the services of a bounty hunter to track them down and ensure their appearance in court.