Lafayette Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Lafayette, IN

Commercial Real Estate Law in Indiana

In Lafayette, Indiana, commercial real estate is any type of real property (land or permanent structures) being used for business purposes.

The laws in Lafayette, Indiana which control commercial real estate differ substantially from the laws governing the rental and purchase of residential real estate.

When renting or buying residential real estate, renters and buyers have considerable 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 basic protections, such as prohibiting sellers of real estate from lying about the property to the buyer, apply in any context, however.

Common Commercial Real Estate Law Issues in Lafayette, Indiana

Financing: Some small businesses in Lafayette, Indiana find it necessary, at some point, to purchase a piece of real estate, for various reasons. However, most owners of small to medium-sized businesses can't afford to make a real estate purchase up front, with the cash they have on hand. Simply put, very few people have hundreds of thousands of dollars just sitting in the bank. One solution to this is a mortgage, which is similar to most other types of secured loans: a bank lends you money, and you put up some piece of property as collateral, so the bank has some security in the event of default. With a mortgage, however, the property being purchased with the loan also secures the loan, permitting the bank to foreclose on it in case the buyer defaults.

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

Duty to Inspect: Lest you believe that the duty to disclose defects relieves any duty of diligence on the part of the buyer, the law will not reward such lapses with a major cause of action. Buyers have a duty to conduct a reasonable inspection of the property before they buy it, normallyy with a licensed building inspector. If the buyer fails to do this, they won't be able to recover any damages for defects which they could have discovered through a reasonable inspection.

Encumbrances: Encumbrances are defects of a different type: rather than physical defects, they are defects of title. In Lafayette, Indiana, an encumbrance is an interest in a piece of real estate held by a third party, such as covenants or easements. An easement is a right held by someone to use the property of someone else for a particular purpose. For example, a person might have an easement on the land of another person, allowing them to cross the land to access a public road.

Can a Lafayette, Indiana Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always prudent that, before engaging in any real estate deal, you obtain the counsel of a good Lafayette, Indiana real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Lafayette

Lafayette is in Tippecanoe County, Indiana. The population of Lafayette is around 67,150. Lafayette is located across the Wabash River.

Lafayette is known because it is home to Purdue University. Alongside Purdue, top employers include Alcoa, Caterpillar, Wabash International, Subaru, Evonik, Tate Lyle, TRW, Landis+Gyr, and Rea Magnet Wire. To support all these companies, Lafayette is home to many attorneys who provide excellent legal services. Additionally, Lafayette residents can travel to nearby Chicago for complex legal matters. Chicago, after all, is home to some of the largest and most well-known firms in the nation.

Three of the most popular attractions include Jerry E. Clegg Botanic Garden, Horticulture Gardens, and Purdue University.

Some famous residents include Karen Black, Jeremy Camp, Shannon Hoon, John Korty, and Izzy Stradlin.

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