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Re: Fees and Insurance for Structural Observations

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At 01:39 PM 7/10/2004 -0700, Paul Feather wrote:
If this were in CA I could place good money odds on your probability of being named in a suit at 90% per association.  We have lawyer services that record all association projects and send reminders to the attorney subscribers to remember to place their suits before the latent period expires.  If the association doesn't want to sue, the lawyers threaten to sue the association for not protecting the owners rights.   If there is one area we need serious Tort reform it is multi-family housing.
I would almost suggest you think of the contract as a mortgage loan.  You get the money today, but will have to pay all of it back plus interest over the next 10 years. But then, I tend to be a little cynical where multi-family residential is concerned.  Maybe things are different in other parts of the country.

This sounds like the condition where a new corporation for the express purpose of doing these inspections should be formed and insured. Once you're done, sell the assets of the company and distribute any profits to the shareholders (you), then close the company due to loss of market (no more houses to inspect).

Naturally, you'll want to consult a lawyer on this.  The same lawyer should probably be used to go over your agreement with a fine toothed comb.  Too many houses, too much at stake, too hard to guarantee anything in my opinion. You might also want to include a clause which allows you to charge your current "court appearance and preparation" rate to the builder directly should any action be taken against you or your company, in addition to the house inspection fees.

(if you need a tin foil hat, I've got a few extras, just in case)

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