That land your grandfather left you in his will may finally be worth something to you if you’re required to put up a property bond in Nevada. Those dusty, dirty acres which have lain barren could be your ticket out of jail. Depending on the appraised value, a willing attorney to help draw up the required paperwork and a court interested in allowing you to put up real estate instead of cash, that acreage might just be your key to freedom.
However, there are some strings attached. If you place a property bond and then fail to abide by the court’s requirements when it comes to your appearing for trial, that land can be auctioned off to cover your outstanding bond debt and you may still face the ignominious task of explaining how you lost land that had been in the family for generations.
In Nevada, a defendant can pledge a piece of an estate, land, structures, buildings, etc. as security to make bond. The property must be valuable and can be set up with the judge by signing documents permitting the courts to place a lien in case the arrestee fails to comply with their legal mandate.
The assets must be evaluated for at least as much as the value of the bail amount. The courts often require the property to be valued at twice the bail amount and will require the property to be appraised. If the arrestee fails to keep the court-mandated schedule of hearings and trials, the property is either sold off or put up for foreclosure.
All registered, as well as demonstrable owners of the property, must approve the paperwork enabling the land to be utilized as security. Nevada demands that real estate is used and expects the property owner to have fire coverage on the property.
Once the courts have a stake in the property, you can’t market it, fund it or do anything that would affect the value of it.