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Page 10 of 34 |
What are the risks in owning real property? |
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There are many risks inherent in owning real property. Some of the more common include:
(1) liability for violation of zoning ordinances.
(2) liability for environmental hazard clean-up.
(3) liability to others who are injured on the property.
(4) liability to others who are injured by the property (such as an uphill landowner is responsible when his land slides onto a downhill landowner's property).
(5) liability to third parties pursuant to contract (such as responsibility to make mortgage payments to the lender).
(6) liability to a purchaser when the property is sold (and there is a problem in transferring title, interest or possession).
(7) If you fail to maintain your property or knowingly create a condition on your property that causes injury to someone's property or person without taking steps to eliminate the hazard or provide a proper warning; you could be determined to be negligent and thus responsible for the harms and injuries that result of your negligence. To reduce your exposure to risk from owning real property, you have an affirmative obligation to maintain your property so as not to cause harm or injury to others.
Despite the risks inherent in owning real property, most people agree that owning real property is desirable. |
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