Legal Tools Real Estate Owners Need
LLC (Limited Liability Company)
- Protect personal assets from business judgment liens.
- For claims not covered by insurance (i.e. slip and fall)
- Anonymity –provides a cloak of privacy between you and those contemplating legal action against you.
The lease establishes the owner’s and the tenant’s responsibilities, sets out the rules for security deposits and for payment of legal fees when the owner must seek assistance of the court to regain possession.
The easement is an agreement establishing rights and duties of owners, neighbors, and third parties when:
- the owner does not have legal access from a service road
- the owner’s real estate is in need of drainage, water, electrical or other utility service via the owner’s adjacent neighbor’s real estate.
The written agreement establishes responsibility for maintenance and repair of the easement.
Covenants and Restrictions
for Development of Land
Developed land includes …
- live-work units
Covenants and restrictions establish rules for …
- the design and size of lots
- specifications for improvements to the lots
- maintenance for common areas
- structure for governing and enforcing the rules
- purchasers of the of the improved lots.
Investors of real estate need to consider how ownership would transfer in the event of their death or disability – or even if they decide to retire from the responsibility of owning and managing real estate.
The information contained in the website is intended for general informational purposes and may not apply to your situation. The information contained in this website does not create an attorney-client relationship between the reader and Jackie S. Dodd, Attorney at Law.