Here Are The Top 3 Questions From Our Last “Office Hours”
Question No.1: SHOULD I HAVE A PERSONAL UMBRELLA POLICY FOR THE REAL ESTATE HELD IN MY LIMITED LIABILITY COMPANY?
An umbrella insurance policy is a great way to have significant personal liability coverage for a reasonable cost. Umbrella insurance typically provides liability insurance that covers claims in excess of regular homeowners or auto coverage. It can protect against extreme financial loss related to property damage or injury. But it doesn’t protect an insured from business liability related to business contracts or property damage. For example, a personal umbrella policy will not protect a landlord’s assets if a tenant wins a judgement against them because it concerns the business. Only the business insurance will. So increase the business’s insurance. Moreover, a properly set up and managed corporation should shield the business owner’s personal assets from any business liabilities.
QUESTION NO. 2: AM I STILL ABLE TO SUE THE SELLER IF I HAVE ALREADY PAID OVER $30,000 FOR REPAIRS TO MY NEW HOME'S LEAKING FOUNDATION?
Yes, you shouldn’t forgo repairs to your home’s foundation while you wait to bring a suit against your former home seller. You should document the repairs with photos, contractor statements and paid invoices. It is legally important that you first mitigate any damages while you pursue legal action against your seller.
QUESTION NO. 3: MY WARRANTY DEED WAS RETURNED BY THE COUNTY FOR UNPAID TAXES - BUT THE FORMER SELLER WAS CURRENT ON A TAX PAYMENT PLAN.
The county has to verify that the property taxes are paid in full before they will record a warranty deed, and so property taxes that remain outstanding on a payment plan is not acceptable. So that is why the deed is rejected. You or the former seller will have to bring the taxes current.
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at 4:00-5:00 P.M. EST on the 2nd and 4th Friday of each month for an open ended live Q&A session with Attorney David Soble and his associates.
The time is set aside for YOU to ask YOUR legal questions, so Ask Away!