I've been a real property investor for over thirty years and I really like promoting a home on a lease purchase.
Indemnification Clause: Merely said, the tenant holds the owner's agent innocent resulting from damage to the tenants (and their guest and relations) and injury to premises their possessions.
In my enterprise, the real property is owned by a Land Trust. I'm not the Trustee. I'm an agent of the Land Belief and simply doing what I am instructed, by the Landlord and Trustee. The tenants can sue the Belief all they need to but, I'm merely the agent/trustee.
The only asset owned by the Land Trust is that single property.
Backside Line:
Be proactive to stop regulation suits earlier than it is too late.
The exact paragraph and verbiage is in my Lease and below.
15. INDEMNIFICATION OF LANDLORD/LESSOR, TRUSTEE AND AGENT: (If this is not in your current Lease, you might be held personally responsible for a number of issues that could come up from owning this house. All my homes are titled in separate Land Trusts and I am not the Trustee; although, I'm an Agent of the trust. The belief is accountable for all the dangerous stuff that might happen however, not me personally.)
All events acknowledge and agree that the _________ Land Trust, as Landlord/Lessor is executing this Lease Agreement. All parities further acknowledge and agree that the trustee(s) and/or the agent(s) of the Landlord/Lessor, is performing as an agent Landlord/Lessor, shouldn't be personally answerable for any agreement entered into or motion (or inaction) of the Landlord/Lessor. The trustee(s) and/or agent(s) shall not be responsible for any reason or for any action (or inaction) or to any extent pursuant to this settlement, any agreement or any transaction between the Events herein above named. Landlord/Lessor shall not be answerable for any injury or injury to Lessee/Tenant, or to some other particular person, or to any property, occurring on the Property. Lessee/Tenant agrees to carry Landlord/Lessor harmless from any claims for damages, aside from injury or damages for which Landlord/Lessor is held legally responsible. Lessee/Tenant agrees to hold Landlord/Lessor innocent from any claims for damages brought on by acts of nature or these past the management of Landlord/Lessor.
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Author Resource:
W. Lewis Burger CCIM, has written many articles on actual property investing and self directed IRA's and has been an investor for thirty years. Mr. Burger is a CCIM (Certified Commercial Investment Member) designee. The forms and agreements on http://RealEstateFormsForInvestors.com have been developed using this expertise and lots of transactions. These varieties and agreements are very detailed and strongly favor the landlord.
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