Hammond Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Hammond, IN

Commercial Real Estate Law in Indiana

In Hammond, Indiana, commercial real estate is any form of real property (land or permanent structures) being utilized for business purposes.

The laws in Hammond, Indiana which govern commercial real estate differ significantly from the laws governing the rental and purchase of residential real estate.

When renting or buying residential real estate, renters and buyers have significant legal protections which often don't apply to commercial real estate.

These absent protections include rent control, and warranties of habitability, among others. The most general protections, such as prohibiting sellers of real estate from lying regarding the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Hammond, Indiana

Financing: Most small business owners in Hammond, Indiana don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting people without massive sums of money (but with a steady income) to buy real estate: the mortgage. A mortgage is a loan used to buy real estate, and the real estate being bought is used as collateral for the loan.

Concealment of Defects: if the seller or lessor of commercial real estate actively conceals a material defect in the real estate, they can be liable to the buyer or renter for any damages caused by this concealment.

Duty to Inspect: This is a companion to the duty to disclose defects. Generally, buyers of real estate are expected to inspect the property. If they fail to conduct a good inspection, they might not be able to recover damages if they are harmed by any defects which an inspection would have revealed.

Encumbrances: An encumbrance is any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very difficult for the buyer to use the land as they intended when they bought it. A common type of encumbrance in Hammond, Indiana is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.

Can a Hammond, Indiana Attorney Help?

These issues can be very complicated, and most people consider such financially-weighty decisions to be very necessary. If you are one of those people, it's a smart move to contact a Hammond, Indiana real estate attorney if you are facing any of the issues discussed above.

Talk to a Real Estate Law Attorney now!

Life in Hammond

Hammond is located in Indiana's Lake County. It is near Chicago and is home to around 80,830 people.

Hammond's top employers include Cabelas, British Petroleum, Indiana Harbor Belt Railroad, Tortilla Nuevo Leon, Jupiter Aluminum, Unilever, Lear Corporation, Horseshoe Casino, Dietrich Industries, and Cargill. To support all these businesses, Hammond is home to many competent attorneys who practice in corporate law. Additionally, Hammond residents and businesses have the legal force in nearby Chicago to also tend to their needs. Chicago is home to many large law firms, ivy-league educated attorneys, and mid to small size firms that focus on providing personalized legal services.

Some famous people who have called Hammond home include Jimmy Valiant, Jordan Schafer, Scott Sheldon, Fritz Polland, Jeremy Jordan, George Groves, Danella Folta, Hal Faverty, Darrel Chaney, and Robert K. Abbett.

All in all, Hammond offers residents a wonderful quality of life!

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