Commercial Real Estate Law in Kansas

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

The laws in Mulvane, Kansas which regulate commercial real estate differ considerably from the laws governing the rental and purchase of residential real estate.

Buyers and renters of residential property enjoy some pretty substantial legal protections, because the law of most states presumes that shelter (being necessary to survive, for the most part) is more important than business. Therefore, many of these consumer protections don't apply to commercial real estate.

Some of the protections that don't apply to commercial property include warranties of habitability, rent control, and warranties of quiet enjoyment. There are others, as well. The most basic protections, however, apply to buyers of both residential and commercial real estate, including remedies for fraud and concealment of physical or title defects.

Common Commercial Real Estate Law Issues in Mulvane, Kansas

Financing: Many businesses in Mulvane, Kansas can't save up enough money to pay the full asking price of a decent-sized piece of real estate up front. Nonetheless, it's sometimes necessary for businesses to acquire real estate. To solve this problem, most rely on a mortgage. A mortgage is a common type of loan, taken out to purchase real estate. The lending institution lends the full purchase price to the borrower, who then purchases the property. The property, in turn, becomes collateral for the loan, which must be paid back over a period of years, with interest.

Concealment of Defects: if the seller of commercial property acts to conceal a significant defect in the property, and then sells the property, he will be responsible for any harm this defect cause, as well as the reduced value of the property, or the cost of repair.

Buyer's Duty to Inspect: usually, buyers of commercial real estate are expected to inspect the property before buying it. A failure to do so might prevent the buyer from prevailing in a lawsuit if he is injured by physical defects that an inspection would have revealed, and that the seller didn't know about.

Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it difficult or impossible for a landowner to make full use of their land. In Mulvane, Kansas, these might include easements. An easement is a right to use property held by a party other than the owner. This use is often very particular in scope, such as allowing the holder of the easement to cross the property to access a public road, or something similar. Such rights usually have to be recognized and honored by new owners, so if they buy property not knowing about them, they might be seriously inconvenienced.

Can a Mulvane, Kansas Attorney Help?

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