Risks of Property Ownership
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UPDATED: Sep 18, 2013
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Some common risks of property ownership include the following:
(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’s responsibility when his land slides onto a downhill landowner’s property.
(5) Liability to third parties pursuant to a contract, such as a responsibility to make mortgage payments to the lender.
(6) Liability to a purchaser when a problem occurs in transferring title, interest, or possession of the property sold.
(7) Failing to properly maintain property or knowingly creating a condition that causes injury to another’s person or property, which could be determined as negligence with liability for the resulting harms and injuries. To reduce exposure from this ownership risk, you have an affirmative obligation to maintain your property in such a way as to not cause harm or injury to others.
Despite the risks inherent in owning real property, most people agree on the value from real property ownership.