Woonsocket Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Woonsocket, RI

Commercial Real Estate Law in Rhode Island

Commercial real estate is any form of land or structure in Woonsocket, 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 Woonsocket, 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 Woonsocket, Rhode Island

Financing: The majority of small businesses in Woonsocket, Rhode Island can't afford to make large real estate purchases with the money they have in the bank. Still, buying real estate is sometimes imperative 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.

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: 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, typicallyy 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 Woonsocket, Rhode Island, 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 specific 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 Woonsocket, 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 Woonsocket, Rhode Island real estate attorney.

Talk to a Real Estate Law Attorney now!

Life in Woonsocket

Woonsocket is located in Rhode Island's Providence COUNTY. Specifically, it is south of Massachusetts. Perhaps one of the main reasons Woonsocket is well-known is because it is home to the headquarters for CVS, the popular pharmacy and drug store chain.

Popular sites include Allen Street Historic District, Frank Wilbur House, Glenark Mills, Hanora Mills, Jenckes Mansion, Linton Block, Main Street Historic District, Pothier House, St. Andrews Episcopal Chapel, Stadium Building, Woonsocket Civil War Monument, and L'Eglise du Precieux Sang.

Famous residents, past and present, include Greg Abate, Rocco Baldelli, Clem Labine, Ambrose Kennedy, Neil Lanctot, William C. Lovering, Bryan Berard, Brian Boucher, Marcel Desaulniers, and Gabby Hartnett.

Woonsocket also has a strong legal force because many attorneys have established small law offices and firms in the city. These offices and firms provide legal services in all areas, allowing local businesses and residents to stay near in order to seek legal guidance.

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