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3 Types Of Bail Bonds

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If you or someone you care about has recently been incarcerated, you are likely trying to figure out a means of getting a bailout. However, before you just jump at any bail bondsman's offer, did you know there are different kinds of bail bonds? Some people do not know this fact and they end up getting a bond that they are unable to pay or that does not work for them in the long run. Before you sign any documents or make any agreements, here are the different types of bonds and why you may need them.

Federal Bond

A federal bond is the only bond accepted to bail someone out when they have been charged with a federal crime. Since these crimes are much heavier than state crimes, the bond is usually much higher. Unlike surety or property bonds, a federal bail bond may take several days to process and the person in custody is required to agree to conditions pertaining to the bail including drug testing and travel restrictions.

Surety Bond

A surety bond is basically a loan with a substantial interest rate, where 10% of the bail must be paid upfront. The person who is seeking the loan simply shows up to a bail bondsman, pays 10% of the bail asking price, and then signs a form saying that the bond will be paid in full by a specific date. In addition to the loan, the person seeking the bond must also promise that the person in custody will show up for their court date. 

Property Bond

A property bond is risky business. This is basically giving over your rights as a property owner as collateral for a bail bond. If the person does not show up for court or if the money is not repaid, you could lose your home. Before bailing someone out with a property bond, you need to make absolutely sure they are going to appear at court. Also, it should be noted that property bonds take about a week to get since there is usually an appraisal of the home to make sure it is worth the loan. 

In conclusion, make sure that you are getting whatever type of bond will work the best for you in the long run. Do not let someone talk you into a property bond when you could get a surety bond. Ultimately, the more you know before going in to see a bail bondsman, the better. Reach out to a bail bondsman in your area to learn more.