Risks of Property Ownership

UPDATED: Jul 16, 2023Fact Checked

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Angie Watts

Licensed Real Estate Agent

Angie Watts is a licensed real estate agent with Florida Executive Realty. Specializing in residential properties since 2015, Angie is a real estate writer who published a book educating homeowners on how to make the most money when they sell their homes. Her goal is to educate and empower both home buyers and sellers so they can have a stress-free shopping and/or selling process. She has studi...

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Jeffrey Johnson

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 16, 2023

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UPDATED: Jul 16, 2023Fact Checked

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.

Case Studies: Risks of Property Ownership

Case Study 1: Zoning Violation Liability

Mr. Johnson purchased a property with plans to build a commercial structure. However, he unknowingly violated zoning ordinances, leading to legal repercussions. He faced liability for non-compliance with local regulations, resulting in additional expenses and potential delays in his construction project.

Case Study 2: Environmental Hazard Cleanup Liability

Ms. Roberts owned a property that was discovered to have contamination from a previous industrial operation. As the current property owner, she was held responsible for the environmental hazard cleanup. This unexpected liability not only imposed financial burdens but also required extensive legal procedures to ensure compliance with environmental regulations.

Case Study 3: Injury Liability to Others

Mr. Anderson had a swimming pool on his property and failed to implement proper safety measures. Unfortunately, a guest visiting his property suffered a severe injury due to negligence. Mr. Anderson faced liability for the injury and was legally obligated to compensate the injured party for medical expenses and damages. This case highlights the importance of maintaining a safe environment and taking precautions to prevent harm to others.

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Angie Watts

Licensed Real Estate Agent

Angie Watts is a licensed real estate agent with Florida Executive Realty. Specializing in residential properties since 2015, Angie is a real estate writer who published a book educating homeowners on how to make the most money when they sell their homes. Her goal is to educate and empower both home buyers and sellers so they can have a stress-free shopping and/or selling process. She has studi...

Licensed Real Estate Agent

Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Get Legal Help Today

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