Businesses and individuals sometimes find it necessary to leave a property. These properties might be boarded up and secured, but there is still a chance that it might turn into a liability. One of the reasons for this is that a property that is boarded up is essentially abandoned. This means that it is likely not being maintained properly, which could lead to a premises liability issue.
If you have left a property, you need to make sure that it is being cared for as long as you own it. This is true even if the property is going through foreclosure. Until it is in someone else’s name, you are liable for what happens there.
There are some cases in which you might just leave a property alone because of foreclosure actions. If this is the case, you need either take steps to stop the foreclosure or find out if there is a way that you can hand the property over.
Another aspect of an abandoned property that you have to think about before you walk away from it is that it might become a haven for crime. There is a chance that this will place you in a precarious legal position as the property owner if something happens to injure somebody while you still own the property.
In all real estate cases, you need to find out what rights and options you have. Whether you are buying an abandoned property or trying to sell one, make sure that you are keeping your best interests in mind as you make decisions.
Source: U.S. Department of Housing and Urban Development, “Vacant and Abandoned Properties: Turning Liabilities Into Assets,” accessed Feb. 23, 2018