If you have been investing in real estate longer than 5 minutes, you know there are lawsuits in about every phase of the business. One of the reasons is because the stakes are so high. Most small businesses won’t get sued for delivering the wrong flowers, but in real estate, it is different because the costs are so high.
If you are investing in real estate, especially if you are new, this is something to be aware of. We have seen cases in nearly every phase of real estate law here in Denver.
- A carpenter working on a subfloor and hits the plumbing is sued for the damages
- A new contractor hires some guys for a small job who sustains an injury, but is sued for damages
- A client who gets sued for a slip and fall at a real estate showing
- A property owner who gets sued due to black mold at a rental
- An apartment complex getting sued for damgages due to a plumbing leak on higher floors
- Neighbors in a lawsuit over a property line
- A person sueing the city on an eminent domain case
- A contractor is working on your walkway, leaves some work incomplete and someone walks by that night and steps in the hole he left and breaks their ankle.
Some of these cases are more complex than others. One of the key ways to avoid most of these lawsuits is by having the proper paperwork to spell out the risks, liabilities and consequences in a legal document. We help our clients shield their assets by advising them on proper contracts theyneed to put in place based on their current situation. Another thing those investing in real estate learn is the necessity for good insurance and the right coverages including an umbrella policy. It seems expensive to have the right paperwork prepared or the right insurance purchased until you realize you could lose all your assets on a technicality or something you or a contractor did that caused actual harm.
Give us a call if there is a case pending you need help with, or if you need to have your documents and insurance audited by a Denver Real Estate lawyer.