John W Tanner, M.S.

It depends. If the injury occurred on leased property and was caused by one of the five following items, the landlord may be liable:

1. Common areas (hallways, stairs). The landlord has a duty of reasonable care to maintain and repair the common areas. Safety in common areas is also a duty.
2. Latent (hidden) defects. The landlord has a duty to disclose any hidden defects that he or she should reasonably be aware of. For example, if an apartment door has a defective knob that could harm a tenant and the defect is not readily apparent, then the landlord has a duty to disclose of that defect to the tenant. (Or simply repair it)
3. Assumption of repairs. If the landlord chooses to self-remedy a broken handrail on a staircase, but does so erroneously, and a tenant subsequently gets injured from the handrail, then the landlord has assumed the liability flowing from his attempted repair.
4. Public use. If the tenant operates a convenience store and is aware there is a defect on the premises, and also knows the tenant is unlikely to correct the problem, then the landlord has a duty to repair the problem or will be liable for the defect.
5. Vacation homes or short-term rentals. The landlord is liable for any defects in the dwelling that cause harm to the tenant. (It may be advantageous to use a “terms of acceptance with an indemnification clause for certain activities in the rental contract, and carry a landlord insurance policy).

Source: CriticalPass Property Law MBE Flashcard. http://www.criticalpass.com

Image Source: Pixabay

Disclaimer: This information is not to be construed as legal advice and is provided for educational purposes only. The reader assumes responsibility for the use of this material and information. The author assumes no responsibility or any liability whatsoever on behalf of any reader of this material. If the reader has any questions about the subject matter, he or she should consult with an attorney who practices real estate law and is duly licensed in the jurisdiction where the subject property is located.

I’m playing a game and my opponent is the time thief. So far he’s been winning, but I’ve been observing his strategies for awhile.

I’ve also been calculating my own strategies for some time now, and pretty soon I’m going to gain a very competitive advantage!

Image source: http://absfreepic.com/free-photos/download/game-wood-3351x2589_96539.html

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As law students, we are trained to identify the legal risks of a given scenario and then advise our clients of those risks. That is the essence of lawyering.

As a transaction lawyer, because we can recognize the potential for misconduct within a transaction, we have a fiduciary duty to protect our client’s interests in the transaction by structuring it in a way to optimally minimize such risks. Our three duties, then, are to:

1. Identify
2. Reduce
3. Deflect

Identify the nature and scope of any perceived risks that can disrupt the transaction.

Reduce the probability of loss (i.e., transaction costs, opportunity costs, out-of-pocket costs, or sunk costs) from those identifiable risks.

Deflect, to the extent most possible, the costs of inalienable risks.

Put another way, our goals are to protect our client’s interest (identify, reduce, deflect) & facilitate the completion of their desired transactional interest.

Source: Rick Daley, Real Estate Development Law, West Publishing (2011)

Here’s 5 Advantages:

1. High rate of return, typically better than stocks or bonds;
2. Tax shelter (depreciation, 1031 exchanges, and capital gains exemptions);
3. Hedge against inflation;
4. The power of leverage: making money with OPM;
5. Equity!

Here’s 5 Disadvantages:

1. Illiquid (not a quick cash option);
2. Local market risk (casualty from storms, changes in jobs or government regulations);
3. Requires expert knowledge (contractors, engineers, attorneys, banks, realtors, title insurance);
4. Asset management expenses, and
5. Risks (on-site, local market, regional, national, and international.

The tv shows make real estate investing look easy and glamorous, the reality of it is – it is not easy or glamorous.

Yes, you can make good money if you do it under the right conditions and you should own real estate, especially if you are currently renting.

You’re better off building equity and taking advantage of deducting the tax interest payments from your taxable income, than paying someone else’s mortgage off (rent).

In conclusion, with a decent plan of action, using OPM, you could fund your retirement lifestyle far better than relying on interest from your own savings and depending on social security.

Go, buy some real estate!

This is one of my favorite venues in Jax Beach…the Casa Marina Hotel.

Hi Folks,

Last week we saw an amazing array of properties and the luscious live-work-play community of Downtown Doral, a city within a city (Miami) in sunny South Florida. In today’s Virtual Tour, we’ll be exploring Downtown Jacksonville & it’s hip, urban lifestyle. Here’s a lineup of the places we’ll see on today’s tour:

• Springfield Single Family Residences
• Bayside Condominiums
• The Metropolitan Loft Apartments
• The Strand
• The Carling 11 East
• Churchwell Lofts
• The Broooklyn – Riverside
• 220 Riverside
• Visit Jacksonville Video Tour
• Jacksonville Art Walk
• MOSH – Museum of Science & History
• The Jacksonville Landing
• River City Brewing Company
• The Florida Theatre
• The Elbow – Bars, Restaurants, & Entertainment Venues
• Visit Jacksonville.com
• What to Do in Downtown Jacksonville in 2-3 Hours (PDF)

I hope you enjoy today’s presentation and would love to have you back next Saturday at 10 am for our next virtual tour of another South Florida community. Don’t forget to download your guide and have a fantastic 4th of July!

What to Do Downtown in 2-3 Hours 2014

Cheers!

John W. Tanner, M.S.

Realtor Associate

BHGRE Lifestyles Realty