A bail bond is a financial contract between an insurance company and a court offering a financial guarantee for a defendant's appearance.

Bail is a cash deposit made to a court to ensure a defendant's appearance. Almost all bail money is returned when the court case has ended. A bond is a contract between the insurance company and a court that promises to pay the amount of the bond if the defendant does not appear. A bond is an affordable alternative when bail money is not obtainable.

New York State determines the rate for bail bonds. You can expect to pay around 10% of the bond amount. In addition to the cost of the bond, collateral is almost always required.

Bail bond premiums cannot be made in payments. It is illegal in New York State to finance premiums. The full amount of the premium must be paid upfront before a bail bond can be posted. If collateral is required to secure a bond, promissory note payments may be used to satisfy court requirements.

Collateral can be cash, signatures (financial guarantees), real estate equity, vehicle titles, and other tangible items of value. Collateral is used to show the courts that the bond is secured in the event a defendant fails to appear. Many courts in New York require collateral for bail bonds.

Signers must be 18 years of age, have a valid ID, and provide proof of income. The amount of income and time at the current employer determines the strength of the signature. Larger bond amounts will require multiple signatures when property is not used as security.

The property must have equity equal to the amount of the bond. If the property lacks sufficient equity other forms of collateral in combination with the property may be used. A copy of the deed accompanied by a current tax or utility bill are required. All persons named on the deed must be available to sign a mortgage addendum. If a named person listed on the deed is deceased, a death certificate must be obtained.