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Old 01-22-2011, 10:19 PM
 
1 posts, read 1,665 times
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Hi All,

I am an Australian citizen looking to purchase an investment property in Las Vegas this year.

I have been reading the threads on this site for a long time and have gained lots of great information. Thanks to all for posting.

However I am still seeking some information:

-I am concerned about public liability issues being a landlord. I will be purchasing a landlords insurance policy - but will this protect me from litigation. For example if a tenant trips and falls on a broken tile in the bathroom and sustains an injury; Will landlord insurance cover the tenants medical bills, lost income etc?

-Is it wise to use a lawyer in the process of purchasing a property?
I have been warned that some properties may have outsanding debts/bills that will be transferred to purchaser of a property if you are not diligent throughout the purchasing process.

Thanks in advance.
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Old 01-22-2011, 10:46 PM
 
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Reputation: 1184
You will have personal liability insurance with your homeowners policy. It's pretty cheap. My property management company requires 300,000 in PL coverage.
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Old 01-24-2011, 06:56 PM
 
Location: SoCal
681 posts, read 2,800,801 times
Reputation: 496
Your home insurance usually has a section for liability in case someone gets hurt in your home. On top of that, your renter should also get renter's insurance which also includes the same liability in case one of their guests get hurt.

As for properties having outstanding debts/unpaid bills/liens, the escrow process details what these debts/bills/liens are and they will not transfer the deed to you (the buyer) until all debts are paid off by the seller.

You as a buyer will get a clean title/deed when you purchase your home. If someone comes after you for an unpaid bill after you get your property then you can take them to court. I believe you can also approach the escrow company and ask them why they didn't find that bill.

It is always wise to get a lawyer to look over legal documents and a financial advisor to look over the community's finances to make sure that the community associations are not going too far into a hole.
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Old 03-31-2011, 12:26 PM
 
1 posts, read 3,826 times
Reputation: 11
Have you already hired a property management company?
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