Risks of Property Ownership

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Angie Watts is a licensed real estate agent with Florida Executive Realty in the increasingly popular Tampa Bay area. Specializing in residential properties since 2015, Angie is a real estate blogger who published an ebook 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 be stress-free duri...

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UPDATED: Jul 16, 2021

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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.

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