What Are the Different Types of Bail Bonds?
The word “bail” is usually synonymous with a huge sum of money set as bail for a high-profile person. But that’s not the only type of bail.
The Erie county bail bonds are a great way to escape jail quickly, so you can get back on your feet and start working on the things that matter most to you.
Cash Bond
A cash bond is a method of posting bail where you or your loved one pay the full amount directly to the court or jail. Once you or your loved one shows up for their court dates, the money is returned to you less any fees charged by the court.
A surety bond, on the other hand, involves working with a bail bonds company. In exchange for paying the bond amount, a bondsman charges a fee, usually around 10% of the total bail.
Both methods of bail posting carry risks. With a cash bond, you or your loved one pays the bail out of their pocket, and the court holds it as collateral until the case is concluded. On the other hand, with a surety bond, you pay a certain percentage of the bail amount to the bondsman, who then scrapes the 10% and gets the rest back when your loved one appears for their court hearings.
Property Bond
Property bonds are a financial tool that property developers, construction companies, and builders use to raise finance for their projects. They are unsuitable for all investors and are only available to those who understand how the bond works and accept the risks involved.
To secure a property bond, a person must provide documentation of their ownership and equity. This paperwork can include a deed, title history, mortgage statements, and tax documents.
The court will review the information and determine whether the property is worth enough to cover the bail amount. They also look at market conditions where the property is located and any liens that may have been placed on the property. If a defendant skips bail and does not appear for court dates, the court can take control of the property to collect on the bond.
Surety Bond
A surety bond is a three-party arrangement that legally binds a principal who needs to be bonded, an obligee who needs the bond, and a surety firm that offers the bond. The bond protects an obligee from damages caused by a principal’s inability to satisfy the conditions of their contract.
The surety, typically an insurance company, provides a financial guarantee to the obligee on behalf of the principal. The obligee then uses the money it receives from the bond to pay for damages or losses incurred by the principal.
The surety prequalifies the principal based on their credit, performance, and character before extending the bond. This process is known as underwriting. It may include an application, credit check, and business and personal financials.
Release on Citation
In most states, a person cited for a crime can be released on a citation or “cite out.” This type of release is helpful to jail administrators and local cost savings.
Cite-outs are typically used for minor violations, such as traffic offenses, and don’t require a bail bond to be posted.
A citation is issued by the arresting officer stating that the defendant must appear in court on a specified date. If the defendant fails to appear, a bench warrant is issued.
The citation should include information about when the person must appear in court, what they must bring to the hearing, and how to pay for their ticket. It should also list the collateral consequences of failing to meet these conditions.
Release on Own Personal Recognizance
When a defendant is arrested but not charged with a felony, they may be released from custody without having to post bail. This is a Release on Own Personal Recognizance or PR bond.
A release on own recognizance can be granted if the judge believes the defendant is not a threat to public safety and will appear for court dates as promised. It can also be granted if the defendant has strong ties to the community or is employed and supports his family.
While it is not easy to get a release on own personal recognizance, experienced criminal defense attorneys can help a defendant make a case that they are worthy of such a privilege. Their knowledge of local judges can help them craft a compelling argument to persuade the judge.
