The property or economic amount that is granted as a guarantee of compliance with a certain obligation is called a bond . The bond, therefore, functions as a guarantee .
A surety contract implies the birth of an obligation for someone who undertakes to respond to the eventual default of a third party. If a debtor does not comply with his creditor, the person who gives the surety must assume the debt .
A conventional bond is generated from the will of the debtor and the creditor. A judicial bond , on the other hand, arises through a court resolution. There is also legal bail , set by law to ensure that an obligation is fulfilled.
It is common for the bail mechanism to be used when a person who is subject to criminal proceedings is provisionally released . If a precautionary measure of preventive detention comes to an end, the judge can grant bail : the accused is free as long as he provides a bond as a guarantee to appear when summoned.
Depending on the type of crime and the individual condition of the subject, the judge determines the type of bail and its amount. There are real bonds (cash or property), personal bonds (a subject is responsible for guaranteeing compliance) and oath bonds (an oath). If the accused does not appear when called, the bail will be forfeited.
Take the case of a former public official accused of the crime of embezzlement. This person is imprisoned until the judge grants him provisional release by setting a bail of 100,000 pesos . By depositing said amount in the account indicated by the judge, the former official regains his freedom under certain conditions.
Another area in which the term bond is used is real estate income, where it is also known by the name advance . In this case, it is an amount of money stipulated by the owner of the home or indicated by the real estate agency in charge of the operation, which the tenant must pay at the time of signing the contract to cover potential damages to the property. or failure to make any payment.
If a person rents an apartment and throughout their stay there deteriorates it considerably, the law requires that they themselves be responsible for the repairs before ending the contract . Whether he makes marks on the walls, or breaks one of the appliances belonging to the owner, as long as the tenant has caused the damage, he must pay for the corresponding repairs with his own money. If you do not do so, then the landlord is forced to keep the deposit to use for this purpose.
Depending on the country, the deposit amount varies. In Spain, for example, it is common for it to be equivalent to one month's rent. However, in many cases an agreement can be reached that reduces it to 50%. This initial payment is usually added to the first month's rent and, if a real estate agent is involved, an amount to cover their fees .
It is important not to confuse this concept with the reservation , signal or deposit , an amount of money that is established between the potential tenant and the owner to remove the rental advertisement for a few days, until the contract is concluded. A person pays a reservation when they are very interested in a home and want the owner to guarantee that they will not rent it to anyone else; With this assurance, you can close your current contract and begin preparations for the move.