East Providence Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in East Providence, RI

Commercial Real Estate Law in Rhode Island

Commercial real estate is any form of land or structure in East Providence, Rhode Island which is utilized for business purposes, mainly the sale of goods and/or services to the public.

The laws regulating real estate in East Providence, Rhode Island apply differently when dealing with commercial, as opposed to residential, real estate.

People who buy and rent residential unites have a higher deal of legal protections not available to buyers of commercial property.

For instance, residential real estate is controlled by laws concerning rent control, living conditions, and other things relevant to buildings where people will be living. Most of these protections don't apply to commercial real estate, because the law assumes that the average business person is a bit more sophisticated in such dealings than the general population, and because a place to do business is usually less important than a place to live. However, the most basic protections, such as protection from fraud and deliberate concealment of defects, still apply.

Common Commercial Real Estate Law Issues in East Providence, Rhode Island

Financing: The majority of small business owners in East Providence, Rhode Island probably can't afford to buy much real estate outright, with cash paid up front, so most small business buy commercial real estate with a mortgage. A mortgage is a loan taken out for the purpose of buying real estate, using that real estate as collateral for the loan.

Concealment of Defects: Sellers and lessors of commercial real estate are under a duty to disclose any defects in the property which might impact the buyer's decision to purchase it, such as water damage, mold, or other structural problems. These defects are quite typical, and the buyer has a right to know about them. If the seller doesn't disclose these defects, where they exist, the buyer can sue for any harm this causes.

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: Undisclosed encumbrances are defects of another sort: defects of title. An encumbrance is any interest that a third party has in the East Providence, Rhode Island commercial real estate. These typically take the form of easements, which are rights held by third parties to use the land for a specific purpose. Easements can have profound effects on how a new owner can use the land, so it is crucial to know about them before buying.

Can a East Providence, Rhode Island Attorney Help?

Because of the importance and potential complexity of the issues surrounding commercial real estate, it's almost always judicious that, before engaging in any real estate deal, you pursue the counsel of a good East Providence, Rhode Island real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in East Providence

East Providence, Rhode Island is a city of approximately 50,000 in Providence County. It is the 5th largest city in the state of Rhode Island.

East Providence is considered a major suburb of Providence. Although it is a relatively small city by national standards, it is fairly large Rhode Island standards, and it has dozens of sites and buildings in the National Register of Historic Places. Because of its many historical sites, it is fairly popular among tourists visiting the New England region.

East Providence, Rhode Island also boasts a large number of parks for outdoor recreation.

It has been designated an "enterprise zone" by the state of Rhode Island. In an effort to promote economic growth in particular need of it, the state has a program to incentivize the establishment of businesses in designated enterprise zones, such as East Providence. For example, such as tax credits for hiring new employees, and continuing to increase the number of employees each year. Some permit fees are also waived, and the process of acquiring business permits is streamlined.

If you live in East Providence, and find yourself in need of legal representation, an East Providence, Rhode Island attorney can help.

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