Selling first investment house - Posted by Joan - CA
Posted by Joan - CA on August 03, 2007 at 15:25:12:
Hi, I need some advice from the experienced investors here. We have just sold our first investment house (out of state, Idaho). It is relatively new construction, empty, sold “as is” with an unfinished bonus room. It will close during the first week of September.
The agent just contacted us and asked if the buyers could have access to the house to finish the bonus room so that it will be ready when they move in. They would also like to store some boxes in the garage. The agent is proposing that they sign a waiver stating that we, the sellers, are not responsible for loss of any personal property and also that if they finish the bonus room and the deal falls through for any reason, we are not responsible for any of their costs or labor. The agent lives in the neighborhood and has offered to be the one to hold the key and let them in each time they access the house.
My question is, what angle might we be overlooking here - liability for personal injury should they have an accident on the property? We have renter’s insurance still in effect, but technically they won’t be renters.
Thanks in advance for any advice.