Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

joint property ownership

Author Message
jessi

Guest







Post Posted: Thu Jun 10, 2010 5:22 pm    Post subject: joint property ownership
Like 0
Dislike 0

We own hunting/camping land in IL for the past 15 years with another couple. Last year we provided them our concerns in writing about hunting, camping, and umbrella policy insurance (they don't have any). They agreed not to invite anyone but immediate family to camp there. Now they are inviting friends and extended family. We are told they do not need our permission for guests they choose. If someone gets hurt while on the land, who is responsible?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10439
Location: Alaska
985.83 Dollars($)
Post Posted: Thu Jun 10, 2010 9:12 pm    Post subject:
Like 0
Dislike 0

Hi jessi!

Welcome to forums!

As both of you are the owners of the property, then you cannot force them to restrict their guests from visiting the camping ground. If someone gets hurt, the owners may be held responsible for it. You will have to convince the co-owners to go for an umbrella insurance policy.

Feel free to ask if you've further queries.

Sussane
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.052 seconds.