Commercial Real Estate Law in Connecticut
In Waterbury, Connecticut, "commercial real estate" is any type of land or building which is used for a business, as opposed to residential, purpose.
The laws covering commercial real estate in Waterbury, 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 absent protections include rent control, and warranties of habitability, among others. The most basic protections, such as prohibiting sellers of real estate from lying about the property to the buyer, apply in any context, however.
Common Commercial Real Estate Law Issues in Waterbury, Connecticut
Financing: The majority of small business owners in Waterbury, Connecticut 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.
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 common, 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: An encumbrance is any interest held in a piece of property by a party other than the seller and the buyer. These property interests might make it very challenging for the buyer to use the land as they intended when they bought it. A typical type of encumbrance in Waterbury, Connecticut is the easement. An easement is some right that a third party has in a piece of property. For example, suppose that, many years ago, a neighbor adjacent to the land you want to buy, paid a previous owner for the right to cross his land to reach a public road. Unless the agreement states otherwise, this right will usually apply to subsequent owners, and has to be honored. Therefore, it might interfere with the intended use of the new owner.
Can a Waterbury, Connecticut Attorney Help?
These issues are sometimes confusing, and almost always very important. Therefore, it's imperative to seek the assistance of a Waterbury, Connecticut real estate attorney if you have any dealings in this area.
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Accountant
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