Real Estate Law (esp. Landlord-Tenant)/Query...
I got the following questions with reference to risk management and renting out of my condo. Before renting out the condo I am trying to brainstorm all of the risk involved and find ways to manage it.
Lets says that I am renting out my condo and I dont have a property manager. Instead I plan to hire a handyman to repair appliances etc.
In the lease agreement I specified that I am responsible for appliances / electrical system of the home.
In the event that I hire a handyman to repair my appliances / electrical system in my home and he does something wrong and the appliance malfunction. Lets say it causes a fire and then as a landlord I am responsible, yet it was not my fault. Or lets say that the tenant overloads the electrical system in the condo that causes fire and then I am deemed responsible for the fire even though it was not my fault.
In these instances what can I do as a landlord to protect myself from liability arising out of 1. mistakes / negligence by handyman on appliances / electrical system and 2. negligence by the tenant ie. overloading electrical circuits etc.
What are the different ways to mitigate this risks?
The safest route to go is to only use licensed professionals to make repairs. Also make sure that you have adequate insurance and also require in your lease that tenants purchase and provide you with proof of renter's insurance.
Hope this helps.
Attorney at Law
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