State laws lay out stringent criteria for who classifies as a reliable bail bond agent and who doesn’t. According to the Indiana Department of Insurance, bail bond agents should not only be fully licensed, but must also attend a 12-hour long pre-licensing course. This entails a detailed overview of the kinds of bail bonds that they can advertise or deal in.
The state is quite particular about the kind of bail bonds that can be purchased; one of them being property bonds. Read on to know what their benefits are:
Property Bonds: A definition
To begin with, property bonds are not permissible in every state. However, Indiana laws allow them.
If you know how bail bonds work, it’s not too hard to crack this one. Property bonds secure the bond by using tangible property as collateral. This is handed over to a bail bond agent in order to get out of jail on a pre-trial basis.
The value of the property bond is not necessarily fixed. It solely depends on the agency that you’ve reached out to. For most agencies, it should be twice as valuable as the original bail amount, but it can vary. To get a property bail bond for your loved one, you’ll have to get in touch with a bail bond agency.
Ownership of property
The number of people who own the property is a crucial determinant of the property bail bond. If the property solely belongs to the defendant, the process is fair and simple.
In the case of multiple owners, each of them needs to sign the agreement that allows the property to be used as collateral for a bail bond. The number of owners is usually verified against either the warranty deed or the tax statement.
The curious case of court hearings
The defendant needs to be extra vigilant in terms of their court hearings if the bond has been financed with property.
In case of failure to appear in court, the judge brings about a foreclosure action. This means that foreclosure sale of the property takes place. After the sale is over, the court keeps the bail amount. If the bail amount exceeds the value of the property, the court has every right to recover the remaining amount from the defendant.
If you’re based anywhere in Indiana, DeLaughter Bail Bonds will definitely be able to help you! We deal in a wide range of bond types including property bonds and surety bonds. Contact us for 24-hour bail bond service.