West Warwick Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in West Warwick, RI

Commercial Real Estate Law in Rhode Island

Commercial real estate is any type of land or structure in West Warwick, Rhode Island which is used for business purposes, primarily the sale of goods and/or services to the public.

The laws governing real estate in West Warwick, Rhode Island apply differently when dealing with commercial, as opposed to residential, real estate.

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

For instance, residential real estate is covered 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 generally 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 West Warwick, Rhode Island

Financing: The majority of small business owners in West Warwick, Rhode Island probably can't afford to buy much real estate outright, with cash paid up front, so most small business purchase 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.

Disclosure of Defects: Sellers of real estate have an obligation to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Basically, 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: Buyers of commercial real estate are expected to be diligent, and a court will not reward a lack of diligence. Therefore, if the buyer fails to conduct a thorough inspection of the property before buying it, and thereby fails to discover defects which such an inspection could have easily revealed, he will not be able to sue the seller over these defects later on.

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 West Warwick, Rhode Island, 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 West Warwick, Rhode Island Attorney Help?

The issues surrounding commercial real estate in West Warwick, Rhode Island can get fairly complex. Therefore, it's never a bad idea to have the assistance of an experienced commercial real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in West Warwick

West Warwick is located in Rhode Island's Kent County. Per the 2010 census, its population is 29,191 people.

The city is surrounded by the Pawtuxet River. An unfortunate incident involving the Pawtuxet was that in 2010, extreme rainfall caused the water level to rise approximately 21 feet. This caused flooding throughout must of the city.

Popular sites include Arctic, Centerville, Clyde, Lippitt Mill and Natick.

West Warwick, along with surrounding cities, together comprise of a very competent legal force. Attorneys in the wide area practice in many fields of law and are very experienced. Thus residents do not have to travel far to seek competent legal counsel.

Overall, Westwarwick is a charming, quaint place to live or visit!

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