Norwich Commercial Real Estate Lawyers

Find the right Commercial Real Estate attorney in Norwich, CT

Commercial Real Estate Law in Connecticut

In Norwich, Connecticut, "commercial real estate" is any form of land or building which is utilized for a business, as opposed to residential, purpose.

The laws governing commercial real estate in Norwich, Connecticut are quite different from those applying to residential real estate.

Buyers and renters of residential property enjoy some pretty substantial legal protections, because the law of most states presumes that shelter (being necessary to survive, for the most part) is more important than business. Therefore, many of these consumer protections don't apply to commercial real estate.

These include implied warranties of habitability, rent control, and covenants of use and quiet enjoyment, among various others. Of course, the most general protections, such as prohibiting the seller from actively concealing defects, apply to both.

Common Commercial Real Estate Law Issues in Norwich, Connecticut

Financing: Most small business owners in Norwich, Connecticut don't have the money to buy real estate with the cash on hand. Nonetheless, there is a solution to this problem, permitting people without massive sums of money (but with a steady income) to buy real estate: the mortgage. A mortgage is a loan used to buy real estate, and the real estate being bought is used as collateral for the loan.

Disclosure of Defects: Sellers of real estate have an requirement to inform prospective buyers of any defects present in the property, such as water damage and other structural problems. Essentially, 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 substantial 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: 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 challenging or impossible for a landowner to make full use of their land. In Norwich, Connecticut, 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 specific 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 Norwich, Connecticut Attorney Help?

Because of the complexity and importance of many of the issues regarding commercial real estate, it is almost always imperative to consult with a Norwich, Connecticut attorney before buying or selling commercial real estate.

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Life in Norwich

Norwich, Connecticut is a city in New London County. It was the county seat of that county, before the state of Connecticut did away with county governments. It currently has a population of about 36,000 people.

Norwich is named after Norwich, England, and was founded by English settlers in 1659. By the late 1600s, a public landing had been built at the head of a nearby river, allowing ships to sail several miles inland to offload their goods. This allowed Norwich to serve as an important supply point for the colonists in the Revolutionary War, and proved invaluable to the war effort.

For well over 100 years after the revolution, the city of Norwich served continuously as a very important commercial shipping center, allowing for continuous economic growth.

Modernly, Norwich, Connecticut is a quiet residential community. It is home to Mohegan Park, a large forested area featuring several ponds and streams. This park provides ample recreational activities, such as fishing, hiking, and mountain biking in the summer, and ice skating and sledding in the winter.

If you live in Norwich, Connecticut and are in need of an attorney, it's highly likely that you'll be able to find one. Norwich, Connecticut attorneys are able to handle almost any legal issue they're faced with.

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