November 24, 2006, Newsletter Issue #37: Are there risks with owning real estate?
Tip of the Week
What many property owners may not realize is that there are many inherent risks in owning real estate or property.
Some of these may seem minor:
* Liability for zoning regulations or ordinances up to some of the bigger risks such as liability for injuries that occur to others while on your property
* Environmental hazardous clean up required
* Liability to third-party contractors regarding the property, i.e. the lender who holds the mortgage;
* Liability to any potential purchaser or failure to maintain the property such that it would cause an injury to someone else or other's property.
To diminish the risks associated with real estate ownership, it is important to know the real estate law for your area. Government entities can provide you with zoning regulations as well as consultation with a reputable real estate attorney, familiar with the regulations and restrictions on real estate in your area.
Despite all the inherent risks that go along with owning real estate, it is, for the most part, agreed that owning real estate is desirable and the benefits outweigh the risks.
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