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Question

I want to buy a piece on land in florida am i responsable for lilability on a treed lot with no utilitys, and do i need insurance, just for investment right now

Submitted: 121 days and 7 hours ago.
Category: Tax
Value: $15
Status: CLOSED

Accepted Answer

As an owner - you would be responsible for real estate taxes.

 

You are not required to have an insurance - but if you taking a mortgage - the lender may require to purchase one.

lenders usually set an escrow account which is funded with monthly mortgage payments and which is used to pay your insurance premiums and real estate tax.

 

Without insurance - in case the legal liability arises - you personally would be responsible for damages.

 

Let me know if you need any help.

 

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Expert: LEV
Pos. Feedback: 99.3 %
Accepts: 
Answered: 7/25/2009

Tax Preparer

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