Persons awaiting trial in the United States can request to be released on bail and one of the types of Denver county bail bonds available is the property bond. A property bond posts the value of tangible property, such as a plot of land, a building or another type of real estate property.
Some important aspects to know about property bonds are:
- Value of the Bond
The judge can order to the value of the property bond to be double the value of the bail amount in order for the respective bond to be accepted.
- Obtaining the Property Bond
A bail agent is the person who issues a property bond. Depending on the state, a court appointed evaluator may be required to perform an appraisal of the property before the bond is issued. In other states the value of the property declared on the tax documents is acceptable as proof of value.
- Several Owners
If the property has more than one owner written on the deed, each of the owners must sign an agreement stating that they agree that the property may be used as bail bond.
- Failure to Appear before Court
If a person released on bail who posted a property bond fails to appear before the court for trial, the court will execute the lien set up against the property and may start the foreclosure procedure. Once the procedure is completed, the court will collect the bail amount out of the sale price. If the sale price does not meet the value of the bail, the court may pursue the accused person to recover the difference amount.
Original Post on: Things to Know About Property Bonds
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