If someone close to you gets arrested and detained, you’ll certainly be concerned about their well-being. Thankfully, you will have a way to get them out on bail while their case is being heard by the court pursuant to The Eighth Amendment.
A bail can be in the form of cash, surety bond or property bond which the court holds to ensure that the defendant returns to court to stand trial. To make sure that you are taking the right steps when posting bail, you should seek the help of an experienced bail professional like an Aurora CO bondsman who will do all the legwork to facilitate the release of the defendant.
Here are some useful facts you might want to know about property bonds:
If allowed by the court, you may post a property bond to get your detained loved one out of jail. A property bond is a secured bond that posts the value of tangible property to the court as guarantee for the temporary release of a suspect. It can be a home or other real estate that the court holds as collateral for a suspect’s provisional release on condition that he will appear in court for trial. An approved property bond is kept by the court and placed under the custody of the clerk until the suspect’s case is concluded.
In the state of Colorado, a property bond when accepted, must have an unencumbered equity of at least one and a half times (150%) the bail amount set by the judge. For example, if the judge sets bail at $20,000, the unencumbered equity of property must be $30,000. Any knowledgeable Aurora CO bondsman can handle this process for you.
A home with a mortgage may qualify as a property bond as long as its amount of equity is able to satisfy the bond’s terms. Equity refers to the value of a home net of all encumbrances including lien or mortgage. For example, if your home is valued at $200,000 with a mortgage of $150,000, the equity available on that property is $50,000.
If the property is owned by more than one person, each owner is required to sign an agreement indicating their consent that the property may be used as collateral for a bond. Upon issuance of a property bond, the court puts a lien on the property equivalent to the bail amount.
When you obtain the release of someone through a property bond, you must see to it that the defendant appears in court. Otherwise, the court may submit a foreclosure action against your property and in addition, may seek to recover the difference between the proceeds of the foreclosure sale and the bail amount secured on the property.
Before you are allowed to post a property bond, the court will require you to prove that you have the equity to do so by submitting these documents:
- Warranty or Quit Claim Deed
- Current Property Tax Receipt
- County Assessor’s Current Notice of Valuation of the property
- Letter from the mortgage company indicating current balance
- Evidence of Title issued by a title insurance company (with all liens or encumbrances)
- Deed of Trust naming the Clerk of Court as the beneficiary
- All parties declared as owners on the deed are required to be present at the time the property bond is posted
If you do not have sufficient cash for a cash bond, or you don’t have cosigners willing to post surety bond, a property bond may work for you. But since there are jurisdictions that do not accept property or real estate as surety for bail, and the ones who do may have a different set of procedures and requirements, you should first check with the court or your bail bond agent for detailed information about the jurisdiction’s bail system. Incidentally, it is the type of bail bond Aurora bail experts can handle.
Posting property bond or other types of bail can be a bit complicated, especially for people who are not well-versed with the process. Ensure your loved ones release with the expert assistance of an experienced bail bond agent like Red’s Anytime Bail Bonds.
Call us at (303) 623-2245 anytime. We can help to bail you out of a bad situation.