A property bond is generally a piece of property offered in lieu of a cash bond. But there is more to that statement about property bonds for bail than meets the eye.
Property Bonds and how they work to get you out of jail faster
If you need a property bond, then your bail bond must be quite high. Most property bonds are issued when bail is at or over the $50,000 mark.
- What is paid to the court?: A piece of property owned by you or your co-signor typically worth 150% – 200% of the total bail bond and is posted to guarantee that the defendant will return to court to stand trial.
- Who makes the payment?: You, the accused, or the accused family or friends. But, someone must post the bond to the court. A receipt will be issued. Its best to hold this receipt in your possession while out on bond in case the computer has not been updated with the post that your bond has been paid.
- What happens when all court appearances are made?: Whomever places their property up for a property bond is then released from any obligation of the bond. But, the associated fees are non-refundable.
- What happens if the defendant fails to show up to court?: The court may force the sale of the property which was pledged in the bond to satisfy the requirement of the bail bond amount. A warrant may be issued for the defendants arrest.
Property bonds are useful when your bail bond exceeds a certain amount. You typically need property bonds when the crime you’ve committed warrants a large bond. When someone puts up their property to get you out of jail while awaiting trial, that’s a huge risk.
If you decide to run off and not go back to court to conclude the charges against you, that leaves the co-signor (property owner) to potentially lose the property they posted as collateral.