What Is a Surety Bond?
When your loved one is arrested, it’s important to act quickly in order to get them released. Applying for a surety bond allows your loved one to get out of jail without much delay. When someone is arrested on a suspected crime, they don’t always have to remain locked up until their court date. A judge may allow them to be released from jail as long as they deposit a specified amount of money with the court. This can be overwhelming, so choosing the best type of bail bond may be confusing, but if you do not have the cash, you can obtain a surety bond. If you are cosigning a bond for your loved one to get out of jail, there are a few things you should know about surety bonds.
What is a Surety Bond?
A surety bond is a form of a bail bond and it is often the most common option when it comes to choosing a bail bond. Since cash bonds are usually very costly, most people use a surety bond if the total cost of the bail is more than you can afford. There are three parties that are typically involved in a surety bond: the defendant, the jail or arresting agency and a bail bondsman. So, how does a surety bond work? If you are obtaining a surety bond in order to get your loved one released, you will be required to pay an upfront premium, which is typically about 10 percent of the total amount of bail and it is often non-refundable. The amount beyond the 10 percent is covered by the bondsman, but you will need to cosign a contract agreeing to repay the amount paid by the bondsman. You will generally need to sign a contract that uses property as collateral, such as your vehicle or house.
Why Choose a Surety Bond Instead of Cash?
When your loved one is in jail, you want to help them get released as quickly as possible. Unfortunately, most people do not have immediate access to the full amount of cash required for a bond. A surety bond allows you to pay the premium, usually about 10 percent of the total bail, which is significantly less than coming up with the full amount, and your loved one can get released from jail. When you use the services of a bail bondsman to obtain a surety bond, one of the major advantages is that you don’t have to worry about the money that could otherwise be used for court fees and fines being used for bail.
It is important to keep in mind that if the defendant skips out on their bail (doesn’t show up for court), the bondsman will take all necessary steps to bring the defendant back in order to avoid the risk of losing their money. If you are attempting to obtain a surety bond on your own, if the bondsman thinks that you may skip out on your bail or if the total amount is too high, they may require you to have a cosigner secure the surety bond with their property (typically their house). It is essential that you ensure the defendant shows up to all of their scheduled court dates.
If you or your loved one needs to surety bond for release from jail, contact Free At Last Bail Bonds for more information about a surety bond.