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Barrister, this is a further exploration of shielding

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property owners from liability. Do...
Barrister, this is a further exploration of shielding property owners from liability. Do you have time to comment on the use of an LLC to hold the ownership of buildings?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 6 minutes by:
1/25/2016
Real Estate Lawyer: Barrister, Lawyer replied 1 year ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,661
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello again,

.

I will be in my office for about 15 more minutes, then have to leave for an hour or so if you wanted to start. If we don't finish, I can respond further once I am back in my office..

.

.

thanks

Barrister

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Customer reply replied 1 year ago

Looks long, but you are already familiar with the issues.

Remember the two cousins that have inherited their uncle’s farm in a remote area with several old dilapidated barns on the premises which prevent the farm from being insurable (thus uninsurable).

They need to demolish the barns and it is very hard to find a demo company with all the proper insurance who will come to this remote location to pull down some small old barns.

If you can find a local man with a dozer or bobcat, he will run away at the mention of a waiver, which you suggested earlier, and he may only have general liability insurance…if any insurance at all.

The nearest fire department will not burn these buildings, although that was a good idea.

A friend suggested that the cousins, who inherited their uncle’s farm, sale the old barns that need demolishing… not the land the buildings sit on… just sale the buildings, to a bachelor friend who has …no assets to loose …and relieve themselves of liability for any injury during the demolition.

People do sale old houses to buyers for maybe just $1.00, then the buyer moves the house to a different location, perhaps to use as a vacation cabin on a lake.

We asked the question of another expert: Would that be legal and would it shield the cousins from liability if there was an accident during demo? Even if legal, seems still to be best, ***** ***** be sure to use a company to do the demo, that has some insurance. Guess the bachelor would have to hire the demo company. Correct?

The expert pointed out that this was not a good idea for the bachelor and suggested that the cousins form an LLC for the purpose of selling the houses, not the land, to the LLC

which would then
ac
cept responsibility for demolishing the houses, instead of moving them to a new location.

He suggested that they then let the LLC get a builders risk insurance policy. What do you think of the LLC idea? Any comment? Would this LLC be able to get such a policy. They are not licensed to demolish? But is the LLC idea itself viable?

Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

A friend suggested that the cousins, who inherited their uncle’s farm, sale the old barns that need demolishing… not the land the buildings sit on… just sale the buildings, to a bachelor friend who has …no assets to loose …and relieve themselves of liability for any injury during the demolition.

.

I don't think that would relieve the underlying property owners from liability if someone is injured on the property from some hidden danger.. The property owner could still be dragged into a suit if someone fell into a hole and everyone on the property hadn't signed release and waivers..

A couple questions...

.

1. Would the land be transferred to the LLC by a deed from the cousins so it would then own the land and anything on it?

.

2. And would the LLC then be selling the barns to bachelor friend for salvage?

.

The expert pointed out that this was not a good idea for the bachelor and suggested that the cousins form an LLC for the purpose of selling the houses, not the land, to the LLC which would then accept responsibility for demolishing the houses, instead of moving them to a new location.

.

I don't think the LLC could become only the owner of the barns/houses without being the owner of the land because they are fixtures permanently attached to the land..

.

3. Are we worried about potential personal liability for cousins over and above the value of the land?

.

4. Is it feasible that the cousins could just rent a dozer and high-lift from a local equipment rental company and just push the barns over themselves? (having done some demo in the past, that is what I would do and eliminate any liability whatsoever).

.

Have to step out, but be back in an hour or so..

.

.

thanks

Barrister

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Customer reply replied 1 year ago

Barrister, are you there? I just tried to continue this question, but all I typed in the reply box just disappeared. I need to at least pay you...or continue with a tip.

Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Am still out of office. Checked in on phone, but hard to work off. Back tonight at about 9pm eastern time

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Real Estate Lawyer: Barrister, Lawyer replied 1 year ago

Hello again,

.

I apologize for the delay in my response. I got dragged into a conversation with a friend who is going through a particularly nasty divorce and was out several hours longer than expected..

.

I should be back online around 5pm eastern time this afternoon if you want to continue with the questions I posed.

.

,

thanks

Barrister

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