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Old 10-04-2012, 09:45 AM   #4
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jbug_4
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Join Date: May 2011
Location: Chase, MI
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Re: As property owners, can we be held liable?

Unless your state laws say otherwise they can go after either one of you. Generally they choose the deeper pocket. I was told by our attorney that even with a owner financing (me) sale contract recorded by the county and ins in the buyers name since my name is on the deed until it is paid in full by the buyer any injured party can come after me if they chose to. A long shot does the cousin have renter's ins? Some things we added to are arrangement with our buyers- even though it is their home, they have to notify us any pets, dangers and damages. They pay the ins as part of their payment, but the policy is actually paid by me so that I can make sure there is enough coverage and it is paid.
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