The professionals we discussed last time each present specific legal issues that must be addressed in order to limit your liability. Engineers, surveyors, contractors, architects, real estate agents, and appraisers all have to be licensed by the state to perform their profession. Ensuring that these people are properly licensed by the governing authority is the first key step in protecting your assets. Failure to check these facts can lead to liability for the developer such as negligent hiring.
Also, each professional has nuanced requirements of timing and responsibilities for duties and costs that must be addressed in their respective contracts. For instance, we definitely want indemnity clauses in contracts with engineers and contractors to ensure that we are not held vicariously liable for their actions.
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