What are Tarrant County Property Bonds?
Have you or a loved one had to deal with bailing someone out of jail before? It can be a very stressful process. This can be especially true if you don’t know a lot about how bail bonds work. Arming yourself with the knowledge of how different types of bonds work is one of the best things you can do in this type of situation. The most common type of bail bond is surety bonds and property bonds. Here we’re going to discuss Tarrant County property bonds including what they are and how they work.
Property Bonds Explained
If you are accused of a crime in Tarrant County, Texas, and go to jail, after your first appearance, a bond will be set by the judge. You are required to pay this bond or bail in order to be released from jail until your trial. If you can’t afford the entire bail amount, a friend or a loved one can contact a bail agent, or bondsman, to help. A company, such as Liberty Bail Bonds, will pledge to pay the entire cost of bail should you (or the accused) not show up for the scheduled court date. This is what’s known as a surety bond, which is the most common type of bond option.
Tarrant County property bonds work in a similar way. Instead of a friend or loved one paying a portion of the bail to get you out of jail, you can use your own property as a type of collateral. While this type of bail bond option isn’t used very often, it exists for good reason. It allows the accused to post bail that they might not otherwise be able to afford. Items used for property bonds usually include houses, cars, boats, land, and other high-value items. If the court determines there is enough equity to cover the bail amount, it can be used as collateral.
In Tarrant County, the property has to meet certain qualifications. The property must be located in the state of Texas and there must be no current liens on it. Also, the property must cover the entire bail amount, and you must have paperwork to prove ownership.
How do Property Bonds Work?
If you are in jail and a bond has been set but you are unable to pay it, you may use a property as collateral to cover it. As long as the court determines it can sell the property for more than enough to cover your bond, it will be allowed. However, there are some important cautions to be aware of. If the market conditions are poor, such as the property is located in an area with low market value, the request could be denied. The court has to be able to sell the property without issue should you decide to jump bail and not turn up to court.
When you decide to get a property bond bail and it is approved, the court will place a lien against the property for the amount of the bail. If you should decide to skip the scheduled court date and not appear, the property is then given to the court. Usually, the property will then be foreclosed on. After the foreclosure, the court collects the bail amount it’s owed. If the amount of the sale does not cover the bail amount, they will then go after you for the remainder.
Even if you are trying to do a property release, we recommend using a bondsman such as Liberty Bail Bonds. This is because the process requires several steps that a bondsman will already be familiar with and can help expedite the process. Some of these steps usually include verifying the value of the property, determining your finances and equity, and filling out paperwork that will be presented to the court.
The Risks Associated with Property Bonds
While some of this might sound a bit scary, as long as you show up to your scheduled court date, regardless of the outcome of the hearing, the lien will be released. However, if you are using your property for someone else’s bond, you must know the risks involved. If the accused does not show up for their scheduled court date, the foreclosure will likely proceed and you will lose your property. This is only if you can not cover the bond amount in cash. Make sure you fully understand the responsibilities and trust the situation before agreeing to a property bond.
Have More Questions? We Can Help!
At Liberty Bail Bonds, we are always available and standing by to help. We are here 24 hours a day, 7 days a week. While we mostly handle surety bonds, we can definitely assist you with any questions you may have or work with you to find what your options are. We are located just minutes from downtown Fort Worth, so stop by at any time. You can also reach us by phone at (817) 759-2663.