Is your homeowners policy up to date?
September 26 2018
Buying a home comes with financial and legal responsibilities. There's a lot of money on the line, and multiple parties are involved -- a lender, a title company, insurers and more. You may even have a condo board or homeowners association.
It's important for homeowners to be aware of and prepared for legal issues that could arise. Here are some instances property owners could encounter:
Problems With a Condo Board or HOA
Condo boards and HOAs often have strict rules dictating your home's exterior appearance and maintenance. Rule violations could incur fees, and in extreme cases, legal action could be taken against you by the board. Make sure you're fully aware of HOA or board rules before buying a property.
Injury Liability on Your Property
If someone is injured on your property, you could be held liable for their medical bills. That's where homeowners insurance can help. Make sure your policy covers all occupants as well as any guests you might have on the property.
Disputes With Contractors, Builders or Handymen
If you are hiring contractors for remodeling work, be sure to draft a written, legal contract before starting the work to avoid any contractual or financial disputes. This is especially helpful should the project run over budget or behind schedule.
If you own an investment property, a thorough credit and background check on potential tenants can help cut down on issues like property damage or unpaid rent. If your property is advertised on short-term rental sites, be sure to check that organization's policies for reimbursement for property damage.
Get in touch to learn more about how we can support you and your financial, investment or remodeling goals for your home.