Calera Commercial Real Estate Lawyers
Commercial Real Estate Law in Alabama
In Calera, Alabama, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.
The laws regulating real estate in Calera, Alabama 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, commercial real estate typically isn't covered by rent control laws, nor does it carry with it an implied warranty of habitability (because people usually won't be living in it). Furthermore, it also doesn't come with a covenant of quiet enjoyment. However, some of the most basic legal protections (such as laws against fraud, and concealment of defects) apply in both the commercial and residential context.
Common Commercial Real Estate Law Issues in Calera, Alabama
Financing: The majority of small businesses in Calera, Alabama 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.
Duty to Disclose Defects: It is of the utmost importance that sellers and lessors of commercial real estate be up front about any defects that might be present in the property. Failing to disclose them can be bad, and actively concealing them can be much worse. In general, if a defect is significant enough that it would influence a reasonable person's decision to buy a piece of property, and the seller knows about it, the seller should disclose it. Failure to disclose can have significant results. If the buyer later discovers the defect, they can sue for the cost of repairing it, or for any reduction in the property's value caused by it. And, of course, if it causes any injuries, the buyer can sue the seller for those, as well.
Duty to Inspect: While buyers of real estate have some substantial protections with respect to defects, they also have some obligations. Before finalizing a purchase, buyers are expected to undertake a reasonable inspection of the property, usually by using a licensed building inspector. If the buyer fails to conduct an inspection, they typically won't be able to successfully sue, if defects are discovered after the purchase.
Encumbrances: These are defects to title, rather than physical defects. They are legal issues which might make it challenging or impossible for a landowner to make full use of their land. In Calera, Alabama, 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 set 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.
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Can a Calera, Alabama Attorney Help?
These issues can be very complicated, and most people consider such financially-weighty decisions to be very critical. If you are one of those people, it's a smart move to contact a Calera, Alabama real estate attorney if you are facing any of the issues discussed above.