What Are Property Bail Bonds?
In Oklahoma, property bail bonds involve some complicated requirements on a case-by-case basis. Either the defendant or their guarantor/indemnitor—the person who has pledged to post bail on behalf of the defendant—can use a property that is of equal or greater value than the amount of bail as collateral in court. The stipulations of this process typically vary from state to state, and in some cases, from one jurisdiction to another. Some states require that the property value must be significantly higher than the bail amount—approximately double the amount to be paid to the court—to guarantee that it will cover the cost of bail without leaving the proprietor financially destitute. This is also to ensure that they will have the necessary means to pay their other legal fees associated with the case. The property must be appraised by a fully licensed real estate expert and, if necessary, it must be remodeled to be brought up to state standards at the expense of the defendant or their indemnitor.
How Do Property Bail Bonds Work in Oklahoma City (OKC)?
OKC property bail bonds require that the value of the property in question is calculated at four times whatever the actual market value is. The taxable value of the property is also multiplied by four, which equals to 10% of the actual market value. Unfortunately, in most cases this could mean that the appraised value is substantially lower than the actual market value, rendering the property value insufficient to qualify as collateral in court. If this is the case, then it may be possible to either use multiple properties that are owned by the defendant or the indemnitor.
A less favorable option that is also available in Oklahoma is for the property bondsman to use one of their personal properties as collateral in addition to the defendant’s or indemnitor’s property. Of course, this can be a huge downfall for the bonds agent because it is a very risky maneuver that could result in them losing a great deal of money. There is no way of absolutely determining that the defendant is not a flight risk. The bail bonds agent can also place a mortgage on the property that is being used as collateral in order to help lower the bond fee and ease some of the financial burden.
Under Oklahoma state law, property bail bondsmen are personally responsible for maintaining the physical conditions of the properties that are being used as collateral in a court of law. They must also submit two detailed reports regarding the financial records of each property. The first is a written statement from an appraiser that states the assessed value of each property being used as collateral. The second is a written statement from any lien holders who have a stake in the properties being used as collateral; they must keep an up-to-date record of the exact amount of the liens that have been paid back. Both of these reports must be promptly submitted every year by no later than September 30th.
Why Choose C&K for Property Bail Bonds in Oklahoma?
C&K Bail Bonds is a professional, compassionate, and completely confidential bail bonds agency located in Oklahoma City. We offer bail bonds services in Mustang, Oklahoma City, El Reno, Yukon, and Norman 24 hours a day, seven days a week. For more information, please contact us.