Farmington Hills Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Farmington Hills, MI

Commercial Real Estate Law in Michigan

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

Commercial real estate in Farmington Hills, Michigan is controlled by laws which differ significantly from state and local laws that apply to residential real estate.

Buyers and renters of residential property enjoy some pretty significant 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.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among various others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.

Common Commercial Real Estate Law Issues in Farmington Hills, Michigan

Financing: The majority of small businesses in Farmington Hills, Michigan can't afford to make large real estate purchases with the money they have in the bank. Nevertheless, buying real estate is sometimes essential for a business' survival. This problem is sometimes remedied by taking out a mortgage; a loan used to buy property, with that same property being used to secure the loan.

Disclosure of Defects: Sellers of real estate have an requirement to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Essentially, if the defect is significant enough that it might affect a reasonable buyer's decision on whether or not to purchase the property, and the seller knows about it, it must be disclosed. Failure to disclose such defects would give a buyer the right to sue the seller, and recover significant damages, including the cost of repairing the defect, compensation for any injuries or illness caused by it, and the reduction in the property's value caused by the defect.

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, usuallyy 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 Farmington Hills, Michigan, 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 certain purpose. For instance, 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 Farmington Hills, Michigan Attorney Help?

Because of the complexity and importance of many of the issues regarding commercial real estate, it is almost always imperative to consult with a Farmington Hills, Michigan attorney before buying or selling commercial real estate.

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Life in Farmington Hills

Farmington Hills is located in southeastern Michigan. It is hte largest city in Michigan's Oakland County. Per the 2010 census, the population is around 79.740 people. Farmington Hills is known as an upscale area, and is also located very near the affluent area of Ann Arbor.

The top employers include Botsford Hospital, the school district, Bosch, Quicken Loans, Gale, TD Auto Finance, Aditya Birla Minacs, TRW Automotive Electronics, ACO Hardware, and Nissan Technical Center North America.

Farmington Hills is also home to some attorneys who residents often turn to for thier legal needs. Ann Arbor is also home to many law firms that practice in almost all areas of law, that train their attorneys to always litigate and act in the best interest of their clients.

Some famous residents include Steve Ballmer, Keith Benson, Elizabeth Berkley, Cam Fowler, Al Jean, Bill Joy, Drew Stanton, Fred Toucher, and Fred M. Warner.

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