Posted by John Merchant on February 25, 2006 at 11:15:20:
Your contract would need to spell that out so it’d be clear who had the responsibility for paying for the insurance.
BUT you need to understand that any lawyer looking into suing somebody for an injury to a person on that property is going to do a “deed search” to see who’s named on deed records.
And if your name is the one that shows in deed records, YOU are going to get sued.
This is the main reason that buying such properties in the name of an LLC (that doesn’t bear your name) is a good idea.
Although it would be quickly discovered, via the Sec. of State’s records, that you owned the LLC, the LLC would still provide some legal shield to your being tagged with a big personal judgment against you.