Lorain Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Lorain, OH

Commercial Real Estate Law in Ohio

Commercial Real Estate Law in Lorain, Ohio is any type of land or permanent structure which isn't used for residential or industrial purposes, and is instead used for a business involving the buying and selling of goods or services.

The Lorain, Ohio laws governing commercial real estate differ significantly from the laws that cover residential and other types of real estate.

Buyers and renters of residential property enjoy a considerable number of legal protections. Many of these protections don't apply to buyers or renters of commercial property.

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 Lorain, Ohio

Financing: Some small businesses in Lorain, Ohio 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, authorizing 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 responsible 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. Usually, 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: 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 Lorain, Ohio, 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 limited 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 Lorain, Ohio Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always advisable that, before engaging in any real estate deal, you pursue the counsel of a good Lorain, Ohio real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Lorain

Lorain is in the northeast portion of Ohio. Specifically, it is located near Lake Erie, the Black River, and Cleveland. It is a part of Lorain County.

The city is mostly known as home to the Assembly Plant for Ford Motor Company. Primarlly, the Ford Econoline was assembled here.

The city is home to a diverse population that works in a variety of professions. These professions include law. Many attorneys call Lorain home and practice either locally, or in surrounding areas. Therefore, the legal needs of residents and/or businesses will always be taken care of.

Famous residents include Terry Anderson, Charles J. Berry, Stevan Dohanos, Quincy Gillmore, William Hanley, Chad Muska, and Ward Van Orman.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Nicholas M.
Nicholas M.

Real Estate, Housing & Property Law

Golden, CO

Carl M.
Carl M.

Real Estate, Housing & Property Law

Seattle, WA

David A.
David A.

Real Estate, Housing & Property Law

Walnut Creek, CA