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Many real estate investors assume that their assets are protected because they have insurance on their rental properties. Unfortunately, they are dangerously wrong. For a long time now, judges and juries have been awarding outrageously large judgments for personal injury lawsuits and there is little chance that this will change in the future.
In fact, judgments will likely increase at least as fast as real estate values. One million dollars of liability coverage under a basic rental policy, even when there is an additional one or two million dollars of umbrella policy coverage, doesn't help much if a judgment is 5 or 10 million dollars.
Nowadays, in order to live safely it is very important for you to do Landlord Credit Checks as it offers credit history of the person. With the help of Landlord Credit Checks, one can also identify the current as well as prior residency of the person.
In this website, you will also get information about rental lease agreement and landlord forms as well. So, go through the site and gather proper information about various things.
How well you survive a major lawsuit related to one of your properties can depend entirely on how ownerships of the properties are vested. Vesting of a property is the form of ownership of that property, that is, who or what entity is shown as grantee on a deed.
When properties are held in the names of individuals or in entities for which individuals have personal liability - whether vested as a single individual, joint tenants, tenants in common, community property, general partnership, limited partnership(for general partners), or a revocable living trust - the individuals are at risk in the event of a judgment resulting from an event related to any one property owned by the individual. Assets at risk include all rental properties, personal residences, stocks & bonds, bank accounts, and all other personal property of value(jewelry, furnishings, antiques, art, autos, boats, etc.).
Of additional significant importance, it is usually best to have a separate LLC for each property. The reason for this is that a large judgment against an LLC resulting from a claim against one property owned by the LLC would result in all other properties owned by that same LLC being available for satisfaction of the judgment.
We advise you to seek competent professional advice regarding issues that are specific to your own asset protection and other risk management needs. However, it is to your advantage to have a good understanding of the issues prior to doing so.
Many real estate investors assume that their assets are protected because they have insurance on their rental properties. Unfortunately, they are dangerously wrong. For a long time now, judges and juries have been awarding outrageously large judgments for personal injury lawsuits and there is little chance that this will change in the future.
In fact, judgments will likely increase at least as fast as real estate values. One million dollars of liability coverage under a basic rental policy, even when there is an additional one or two million dollars of umbrella policy coverage, doesn't help much if a judgment is 5 or 10 million dollars.
Nowadays, in order to live safely it is very important for you to do Landlord Credit Checks as it offers credit history of the person. With the help of Landlord Credit Checks, one can also identify the current as well as prior residency of the person.
In this website, you will also get information about rental lease agreement and landlord forms as well. So, go through the site and gather proper information about various things.
How well you survive a major lawsuit related to one of your properties can depend entirely on how ownerships of the properties are vested. Vesting of a property is the form of ownership of that property, that is, who or what entity is shown as grantee on a deed.
When properties are held in the names of individuals or in entities for which individuals have personal liability - whether vested as a single individual, joint tenants, tenants in common, community property, general partnership, limited partnership(for general partners), or a revocable living trust - the individuals are at risk in the event of a judgment resulting from an event related to any one property owned by the individual. Assets at risk include all rental properties, personal residences, stocks & bonds, bank accounts, and all other personal property of value(jewelry, furnishings, antiques, art, autos, boats, etc.).
Of additional significant importance, it is usually best to have a separate LLC for each property. The reason for this is that a large judgment against an LLC resulting from a claim against one property owned by the LLC would result in all other properties owned by that same LLC being available for satisfaction of the judgment.
We advise you to seek competent professional advice regarding issues that are specific to your own asset protection and other risk management needs. However, it is to your advantage to have a good understanding of the issues prior to doing so.
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